Salary Limitations May Limit Your Options
In some professions, the paycheck may put a government employee at a financial disadvantage. Working in food preparation or janitorial services, for instance, might make saving money hard. These government jobs may mean that you lack the resources to afford the down payment for a home.
Government jobs may pay less than jobs in the private sector. You can expect to have predictable hours, but your bank account may not grow as much.
Employee Benefits And Programs
A career at HUD OIG will be challenging, rewarding, and meaningful. It will provide you with opportunities for professional growth as well as the opportunity to work collaboratively with a wide range of individuals inside and outside of HUD OIG. Federal employment employee benefits and work-life programs are also competitive with the private sector.
- Professional Development: On-the-job and formal training to assist you in developing your knowledge, skills, and abilities.
- Starting Salary: A good starting salary with regular increases.
- Employee Awards and Recognition
- Thrift Savings Plan : Similar to a 401, this plan allows you to contribute any portion of your basic pay and receive matches of your contributions up to 5% of your salary.
- Retirement: The Federal Employees Retirement System is a retirement plan that provides benefits from three different sources: a Basic Benefit Plan, Social Security, and the Thrift Savings Plan . After you retire, you receive annuity payments each month for the rest of your life.
- Health/Life Insurance, Flexible Spending Accounts, Long-Term Care, Retirement Program
- Federal Employee Health Benefits Program Several plans available including PPOs and HMOs. Government pays up to 1/4 of the premium cost.
Who Is A Government Employee
If you work in public education, health care, or disaster management, you may be a government employee. Mail carriers and military personnel also qualify as government employees. The same is true for employees in national parks or select housing organizations.
It’s easy to assume that most federal government employees work in the nation’s capital. But 85% of federal government employees work outside of the nation’s capital.
Also Check: State Of Nebraska Retirement Benefits
Housing Allowance Home Owners
In terms of the PSCBC Resolution 7 of 2015, Employees who are home-owners and have submitted proof of title deeds/Permission to occupy certificate including the affidavit that the immediate family occupy the house, are eligible to receive the housing allowance of R1200. This refers to new and old employees.
Federal Student Loan Repayment Program
Agencies participating in the Federal Student Loan Repayment program may award $10,000 a year, up to a total of $60,000, toward the payment of student loans. In return, employees must work at that agency for at least three years.
All 15 Cabinet-level departments, and more than 20 independent agencies, participate in the program. Many agencies specify the types of degrees that qualify for the student loan program, tailoring their recruitment plans to attract highly qualified candidates for hard-to-fill positions.
The most common educational loans that qualify for repayment include:
- Direct loans, such as the Direct PLUS Loan
People interested in federal jobs should contact individual agencies to learn more about their loan repayment programs, or check for information on agency websites.
Recommended Reading: Retirement Age For Full Social Security Benefits
Usda Loans Aren’t Just For Farmers
The U.S. Department of Agriculture coordinates loans, as well. USDA loans are for those in the low to moderate-income bracket. You’ll want to check the income limits in your area since the USDA adjusts them by region.
With USDA loans, you’ll need to live in a designated suburban or rural area. The USDA website will help you see if you’re in a qualifying area. The USDA backs these loans, but you’ll seek them out through a private lender.
You’ll need to demonstrate the ability to repay loans based on your history over the past year. You should have a reliable income and meet debt-to-income requirements for your lender.
You may be able to take advantage of a 0% down option through these loans. And you’ll have a low-interest rate for your mortgage!
Long Term Care Insurance
The Federal Long-Term Care Insurance Program is an important addition to the package of benefits available to Federal employees and retirees. The employee, however, pays the full cost for this insurance. Long-term care insurance, under the Federal program, provides you reimbursement for costs of care when you are unable to perform at least two activities of daily living, for an expected period of at least 90 days or when you need constant supervision due to a severe cognitive impairment. As a new employee, you may be eligible to apply for this program. If eligible you will use either an abbreviated underwriting application or a full underwriting application, depending on whether you apply within 60 days of becoming eligible.
For more detailed information on Federal health, life, and long-term care insurance, visit .
Read Also: What Are The Benefits Of Having Medicare
How Do You Qualify For Hud Programs
Most HUD programs target low-income people. If you meet the requirements, you can take advantage of these programs. Many of them cover rental assistance or public housing.
Otherwise, look to the Federal Housing Administration . It is an arm of HUD that can assist those who don’t meet qualifications for some of HUD’s programs. If you’re a teacher, firefighter, or another government employee, you may qualify for these programs instead.
Working For The Federal Government What Every Employee Should Know
If you have never worked for the Federal Government, it is important that you take a few minutes and read this information. If you have worked for the Federal Government and have been away for a while or are a current Federal employee, you should also review this information because a number of rules and procedures have changed. A word of advice – there are many things you will learn throughout your employment in the Federal workforce. Pay close attention, save all your paperwork, learn where to go and get answers, and never assume anything is the same from day to day. Please keep this booklet as a handy reference. Should you have any questions or concerns, please call the Office of Human Resources Management on 301-504-7925.
Recommended Reading: Commonwealth Senior Living Employee Benefits
Enroll In Or Change Federal Benefits
- If you are a current employee, you can only enroll in or change your federal employee benefits during the annual Open Season.
- You may enroll in or change your plans outside Open Season only if you experience a qualifying life event, such as marriage.
Buy The Perfect House
Buying a home as a government employee can you set you up for some big benefits. You have access to loan programs that won’t require huge down payments. And with some research and persistence, you’ll be able to get the home you want at a price that’s manageable.
Hi there! I’m Ryan Fitzgerald, a REALTOR in Raleigh-Durham, NC and the owner of Raleigh Realty. Chances are you and I share a similar passion, Real Estate! I also have a passion for building businesses, working out, inspiring others, technology, sports, and people. Connect with me on and !
Don’t Miss: Estimate My Social Security Retirement Benefits
Overseas Pay For Civil Service Employees
Federal employees assigned to a foreign post are typically compensated differently compared to those stationed within the continental United States. This page describes the allowances and differentials commonly associated with overseas service and available to employees in the civil service . The allowances and differentials, used as recruitment and retention tools, are considered discretionary and subject to the availability of funds.
General Overseas Allowances and Differentials
Advancements in Pay:
- Moving Overseas or Medical Emergency: An employees pay may be advanced up to six pay periods . Such advancements are found when an employee first moves overseas or when an employee or family member experiences a sudden medical emergency. See DSSR 850 and 5 U.S.C. § 5927.
- Due to Evacuation: An employees pay may be advanced by up to 2 pay periods when there is an ordered evacuation of an employee and/or his or her dependents at a foreign post. See DSSR 600 and5 U.S.C. §§ 55215527.
Difficult-to-Staff Incentive: An additional recruitment or retention incentive, valued at up to 15 percent of basic pay, provided to certain employees already receiving postal hardship differential, when a post has experienced particularly adverse conditions. See DSSR 1000 and 5 U.S.C. § 5925.
Reviewed and updated November 8, 2019
Learn About The Childrens Health Insurance Program
Is my child eligible for CHIP?
CHIP qualifications are different in every state. In most cases, they depend on income.
How do I apply for CHIP benefits?
You have two ways to apply for CHIP:
- Fill out an application through the Health Insurance Marketplace.
What else do I need to know about CHIP?
- You can apply for and enroll in Medicaid or CHIP anytime during the year.
- Get information on other common types of health insurance, such as Medicare, and find help paying for medical bills.
Don’t Miss: Taxes On Social Security Benefits Calculator
The Homepath Ready Buyer Program May Work For You
This program through Fannie Mae can get you a great deal on a foreclosed property. The catch with buying a foreclosed property is that you get the property as-is. On the other hand, you may be able to get a home at a steep discount if you don’t mind doing a few repairs.
As a bonus, the HomePath Ready Buyer Program can cover up to 3% of the purchase price in closing costs. You’ll need to take a housing education course, too, as part of the program.
Flexible Spending Account Program
Flexible Spending Accounts allow you to make pre-tax salary contributions to pay for qualified medical expenses that are not reimbursed by FEHB or any other source, and to pay dependent care expenses. The funds put into an FSA are not subject to Federal income and FICA taxes, nor most state and local income taxes.
A Health Care FSA pays for the uncovered or un-reimbursed portions of qualified medical costs. The HCFSA does not replace your health insurance it simply pays for your out-of-pocket health care expenses with pre-tax dollars. A Dependent Care FSA allows you to pay eligible expenses for dependent care, such as childcare expenses or expenses for an adult who is disabled, with pre-tax dollars.
You have 60 days after your hire date, but no later than October 1 of any Plan Year, to make an election to participate in the FSA Program. Elections will be binding throughout the Plan Year unless you experience a Qualified Status Change . If you are hired on or after October 1 you are ineligible to participate in that Plan Year and must wait until the FEHB open season to enroll, held in the fall of each year, from mid-November to mid-December. Your elections become effective for the next calendar year.
Read Also: Deceased Retired Military Spouse Benefits
Search For Financial Assistance From The Government
Benefits.gov is a free website that can help you determine which types of government assistance you might qualify for. You can also find out how and where to apply.
- Using the Benefit Finder, answer questions about yourself and your needs. Afterwards, you can find out if youre eligible for programs to help you pay for:
- Utilities and other necessities
Check back with Benefits.gov in the future to see if youre eligible for additional benefits. You can report major life events or see if new benefit programs have become available.
Student Loan Repayment Program
The Student Loan Repayment Program is administered for the Department by the Bureau of Global Talent Management, Office of Employee Relations. The program was implemented by the Department of State in 2002 and has been funded every year since implementation. The Department has been able to provide SLRP incentives to qualifying employees in the amount of $10k, the yearly max per applicant . The American Rescue Plan Act of 2021 provides SLRP incentive recipients a unique opportunity to take advantage of the tax-free status of employer provided student loan benefits until 2025.
The SLRP benefits career Civil Service employees that encumber mission critical occupational series positions. The Civil Service pre-qualifying criteria for the MCO list is reviewed and approved annually and is dependent on agency-specific recruitment and retention needs. Although the list of qualifying occupational series is updated annually, certain positions have consistently been eligible in the past
Employees interested in benefiting from this annual incentive must be appointed into a qualifying occupational series during the eligibility period between March 1 July 31. Once onboard, information can be found on the Departments Intranet SLRP page. Individual questions may also be sent via e-mail to .
Also Check: Elevator Division Retirement Benefit Plan
What Are Closing Costs
Closing costs are an additional set of fees that you’ll pay when you close on your house. These can be fees for things like appraisals and escrow agents. The fees also cover loan origination fees, homeowners insurance, property taxes, and more.
Don’t worry you’ll know about these fees before you seal the deal on a house. In fact, your lender has a legal obligation to spell out these fees and mortgage terms.
Federal Employees’ Thrift Savings Plan
The Thrift Savings Plan is a retirement plan for federal government employees and members of the military.
- Get help with life events that affect your TSP account – What to do if you have personal or career changes or changes to your active duty status.
If you have questions about the TSP or your TSP account, call the participant service line at or TTY at .
Note: There are a number of third-party mobile applications that refer to the Thrift Savings Plan and may ask you for your TSP login information. Providing your information could result in a security risk to your account. If you want to access your TSP account, log in directly at TSP.gov.
Don’t Miss: Check Social Security Retirement Benefits
Your Job Location May Change Frequently
If you work in the military or another branch of defense, you may need to change locations often for your job. This means that it’s harder to know a local neighborhood well before searching for homes.
Remember that owning a home can help build your assets, though, and buying a home in the right location will set you up for future success. You can rent the home out to tenants who pay your mortgage and bills while you continue to build your asset.
Job Locations Can Change Frequently
If you work in the military or other areas of the government, relocation is often a part of the job description. This can make it difficult to commit to owning a home. However, you must keep in mind that homeownership is a way to build your assets. While you may need to relocate, you can rent your home out to tenants who will, in the end, pay your mortgage for you.
Don’t Miss: How Are Ssa Retirement Benefits Calculated
Are You A Good Neighbor Next Door
Do you work as an emergency medical technician, police officer, firefighter, or k-12 teacher? The Good Neighbor Next Door Sales Program could be your housing answer.
Through this HUD program, you can get 50% off the price of a home in an eligible area. You just need to commit to living there for 36 months.
These areas tend to be underserved. You’ll be able to find a list of available properties in different states through the HUD website. As part of the agreement, you’ll need to fill out a second mortgage for the amount of the discount. As long as you stay in the house for the agreed time, you won’t need to make any payments on it.
All you need to do is submit the necessary paperwork. You could get a great house at a steep discount!
Know What You Want In A House
Do you need three bedrooms and a finished basement? Or is a roomy kitchen the bigger priority? Rank your top needs and understand that you’ll need to compromise at times.
You may want to set a goal for square footage in a house, for instance. As another strategy, limit your search to a part of town closer to work. You’ll cut down on the commute time and gas expenses!
Read Also: What Is Social Security Death Benefit
Total Your Monthly Income
Determine your monthly income by adding up the income of everyone who will live in the house. If you have a significant other, this means you’d have two incomes to work with. On the other hand, it could mean that you need to stretch one income if one person is unemployed.
The 28% rule is a common way to figure out what percentage of your monthly gross income should go toward a mortgage. Your gross income is the income before taxes. You should try not to spend more than 28% of it on home expenses.