Applicants may lock into a rate for a maximum of 60 days. At the time of application a person must be eligible for a University home mortgage loan. Maximum length of time for repayment of a loan is 20 years, although payments can be set up based on a 30-year amortization schedule, with a balloon payment of the remaining balance falling due at the end of 20 years. An origination fee is due and payable at the time of closing. Faculty members, who are eligible for the program, are limited to one University home mortgage loan per family during the period of employment.
Eligibility expires four years after the date of becoming eligible for the loan program.
The University will not participate in any refinancing. A second mortgage will be made only as part of the total original financing package. A second mortgage commitment is contingent upon the first lien amount and monthly payment of interest and principal not exceeding amounts agreed upon between the borrower and the University. To consummate a loan, the applicant-borrower will need the services of an attorney. Once the amount of the loan has been determined by the University, the applicant-borrower's attorney should communicate with the Special Counsel for the University, or his designee, in order to complete the transaction.