Mortgage loan program
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.
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. The loan must be established within 90 days of the closing date.
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.
The loan is to be paid back on a monthly basis over a term not to exceed 10 years from the date of the loan. Payment of the loan is through payroll deductions starting with the first payroll after loan funds have been advanced.
The outstanding balance can be prepaid at any time without penalty. The loan becomes immediately due and payable upon end of employment at Reed College.
Applications are available in the business office.