The letter of appointment will state whether the faculty member is or is not eligible and, when eligible, the amount that will be provided. The Board of Trust has authorized the Treasurer's Office to make mortgage loans for the purchase of homes. Those eligible are faculty members with tenure, and members of the Executive Administration. The plan is available only for the purchase of the individual's principal place of residence, which must be located in the Nashville area. The rate of interest is 1 percent below the average rate charged at the time of the faculty loan by four Nashville financial organizations.
Closing costs are minimal.
In this area, the percentage of the interest rate below the current Vanderbilt rate varies monthly according to Internal Revenue Service guidelines. For specific rates, please contact the Treasurer's Office. A loan can be set up on a straight twenty-year term paid back in 240 monthly installments. There is no prepayment penalty clause written into any contract. If the faculty member's or administrator's employment at Vanderbilt terminates, the loan must be repaid in full within six months of the termination.