Mortgage Information

Program Qualification









Faculty members with tenure or tenure track appointments and members of the administrative staff with at least 0.75 FTE are eligible to participate in the housing program.


Employees, who are participating in the College Housing Program, with an existing mortgage note in good standing, are eligible to refinance the mortgage note through the program, within certain parameters.

Required Documentation


Interested Party Form

Loan Application

Authorization for Credit Check

Contract of Sale

Ground Lease

ACH Payment Authorization

Proof of Employment


Borrowers must provide the most recent two months’ paystubs and the most recent two years’ W-2s

Self-Employed borrows must provide the most recent two years’ signed tax returns

Consumer Credit & Asset review


A minimum 680 credit score is required. A credit review will include a review for late payments and types of debt. A full credit report may be required.

Potential Borrowers must disclose all liabilities including:

Debt on Credit Report

Alimony, Child Support

Mortgage debt on other properties owned

Installment Debt (autos, student loans)

Potential Borrowers must provide evidence of assets including:

Depository & investment accounts

Retirement accounts

Proceeds from the Sale of home/assets

Credit issues that may lead to denial include, but are not limited to:

Previous Mortgage Foreclosure

Bankruptcy discharge

Late Mortgage payments

Debt to Income Ratio


A maximum of 38% of gross monthly income for PITI (Principle, Interest, Taxes, and Insurance) is allowed under the program



Borrowers must have reserves equal to two months PITI. Retirement funds can be counted towards reserves but will be valued at 70% because of penalties and taxes.

(PITI = Principal, interest, taxes, insurance)

Program Fees & Cost

Mortgage Origination Fee



Applicable for all mortgages, including refinance transactions

Appraisal Fee


Appraisal costs are due from the borrower

Earnest Money



Title, Taxes & Insurance


Title insurance, taxes, recording fee, and other costs associated with closing are independently calculated by the escrow agency

Loan Interest Rate



Interest rates will be based on an average fixed rate published by Chase, Wells Fargo, and US Bank with comparable loan terms within 5 business days prior to signing the final documents.

Program Logistics

No Escrow for Taxes and Insurance


Property Taxes and Insurance must be paid directly by the homeowner. Proof of insurance and payment of taxes are required annually.


ACH Payments


All mortgage payments are required to be made via ACH directly to the College (Separate authorization documents)


Mortgage Interest Tax Reporting


Electronic Form 1098 Mortgage Interest - will be sent to the mortgagee via email prior to January 31 each year for the previous calendar year.