The purpose of the Direct Mortgage Assistance Program is to enable new faculty or key administrators to purchase a home in the Miami area. Terms of the loan are listed below. Bank of America will complete standard credit underwriting process including credit history and income verification. Eighty percent of Bank of America's Prime Mortgage Rate. Principal is payable on due date or on refinancing.
Interest is payable monthly.
In the event that the borrower leaves the employ of the University or sells the mortgaged home, loan will become due and payable. First or second mortgage on principal residence. If an exception from above requirements is requested, the reason for the exception should be stated in the letter also. Please send a copy of above letter to the Treasurer's office. A letter will then be sent to Bank of America stating that the applicant is eligible to participate in the University's program.