Regular employees who are scheduled to work 20 hours or more each week and who meet the credit requirements of the lending institutions may qualify for University assistance in obtaining first mortgages on their principal residences. Subject to terms and conditions spelled out in the Treasurer's Office Manual, application may be made for a mortgage loan from a participating bank, at a slightly lower interest rate than that generally in effect. In some cases provision may be made for payment through payroll deduction. The University provides a limited guarantee with respect to these mortgages but does not directly support them from its own funds. Availability of mortgages depends on conditions in the local financial market.
In appropriate cases and where special hardship exists, upon the approval of the Treasurer, the University may make a second mortgage loan from its own funds. Application for a second mortgage must be made no later than 12 months after the date of the first mortgage.
For a brochure outlining details of the mortgage program, call the Benefits Office.
Xref: OPM 308; TOM 205
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