Human Resources

Mortgage loan program

Eligibility

Staff Eligibility:  Regular full time staff are eligible during their fourth, fifth, and sixth years of Reed employment.

Faculty Eligibility:  Tenured faculty are eligible during the first two years of tenured appointments. Tenure-track faculty holding a full-time appointment are eligible during pre-tenure periods.

Faculty and staff are eligible to borrow under this program only once.   

Description 

This program provides a personal loan to assist with the down payment when purchasing a home.  The property being purchased must be the only real estate property to be owned by the employee and it must be in the Portland metro area.

Loan maximum and interest

The maximum amount to be loaned under the program is 30% of the employee's regular annual gross salary.

Interest is charged on a simple annual basis on the outstanding principal balance.  The rate of the interest is fixed at the time the loan is made and is 1% less than the rate on the conventional mortgage being taken out to purchase the residence.

Forms

Applications are available in the business office.