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Attachment A COMPARISON OF EXISTING AND PROPOSED FACULTY MORTGAGE LOAN PROGRAM
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Attachment A
COMPARISON OF EXISTING AND PROPOSED
FACULTY MORTGAGE LOAN PROGRAM

                 
EXISTING  PROPOSED 
Eligibility  Tenure track faculty and senior adm.  Same 
Lien  1st  1st or 2nd 
Interest Subsidy  1%  Same 
Maximum Loan  $65,000  Same 
Loan/Appraisal  75%  90% 
Income Test  Loan cannot exceed 3 X's Univ. salary  Housing payments cannot exceed 28% and housing payments plus debt cannot exceed 36% of monthly income 
# Loans  1 - eligible only within 1st 7 years of qualifying 
Amortization  25 Yrs-20 Yr balloon  30 Yrs-20 Yr balloon 
Closing Expenses: 
Points  1/2 
Appraisals  2; although 1 may be shared with the lender of the 1st mortgage 
Type of Residence  Primary only  Same 
Refinancing  Balloon payments of Univ. mortgages only  Same 
Call Features: 
By Borrower  At any time without penalty  Same 
By University  Upon termination of full time employ. or failure to meet other qualifications originally required to obtain loan  Same