Mortgage Assistance Program FAQ
Eligibility FAQ
During the pilot phase, full-time, tenure-stream (or equivalent in the Cummings School) faculty with nine years of service or less are eligible for the Mortgage Assistance Program. Additional requirements include the faculty member not having previously purchased a home (unless it was done in an excluded state) and the faculty member qualifying for a first mortgage loan with PNC Bank (Tufts’ banking partner for the program). For complete eligibility guidelines, including clarity on what qualifies as “tenure-stream (or equivalent in the Cummings School)” for each school, see the complete program terms.
Eligibility will be determined based on nine years from the exact date of hire. For faculty who have completed or will complete their nine years since date of hire between September 1, 2024, and June 30, 2025, eligibility will be extended until June 30, 2025 to accommodate the launch of this pilot program. Following June 30, 2025, eligibility will be determined based on nine years from the exact date of hire for all faculty otherwise eligible for the program.
Examples:
- Faculy A was hired on August 1, 2016. Faculty A will complete nine years since date of hire after June 30, 2025. Faculty A is within the eligibility window until nine years after their date of hire, which will be August 1, 2025.
- Faculty B was hired on May 15, 2016. Faculty B will complete nine years since date of hire before June 30, 2025. Faculty B is within the eligibility window until June 30, 2025.
- Faculty C was hired on September 1, 2015. As of September 1, 2024, Faculty C has completed exactly nine years since date of hire. Faculty C is within the eligibility window until June 30, 2025.
- Faculty D was hired on January 1, 2015. As of September 1, 2024, Faculty D has completed more than nine years since date of hire. Faculty D is not eligible to participate in the Mortgage Assistance Program.
Please contact your faculty affairs officer to confirm your date of hire.
Please contact your faculty affairs officer if you have questions about your eligibility.
No, there is no maximum household or individual income cap for eligibility.
Only one MAP second mortgage will be issued for a specific property purchase.
In making decisions about the pilot program, the task force was guided by the principles of affordability, equity, transparency, and accountability. The initial investment amount required that eligibility be limited, and a determination was made to focus on tenure stream (or the equivalent in the Cummings School) faculty in this pilot phase.
Yes, there are a number of other real estate benefits available to benefits-eligible faculty and staff.
Home Eligibility FAQ
The 50-mile radius is determined by your primary campus. If you have more than one appointment, it is determined by the campus associated with your primary appointment. A central location for each campus, to be used for calculating the 50-mile radius, is outlined in the program document.
During this pilot phase, only home purchases within Massachusetts are eligible for the MAP.
Yes. The home must be your primary residence for the life of the loan. If you travel during a sabbatical, but intend to return, the home would still be considered your principal residence.
If your current home is in an excluded state, as laid out in the complete program terms, you may be eligible to participate. Please note that all excluded states are located outside of New England.
Due to significantly higher cost of living in the area surrounding Tufts’ campuses as compared to the “excluded” states, allowances were made as to permit program participation.
This program is open only to first-time homebuyers or those whose previous home is located in an excluded state. If your condo is not located in an excluded state, you would not be eligible to participate. Please note that all excluded states are located outside of New England.
Discounted home buying services are available to all Tufts employees. Additional information can be found on Access Tufts.
Application Review FAQ
Applications will be prioritized on a “first come, first served” basis.
The Office of the Provost is responsible for reviewing and approving applications for eligibility.
You can apply for a second mortgage through Tufts as soon as you are ready to begin the home buying process. We recommend applying as soon as possible. While we will do our best to move your application through the approval process as quickly as possible, it will take some time. Applying early gives you more time to obtain pre-approved for a conventional first mortgage and secure your down payment before putting in an offer.
As the MAP is a pilot program, we recommend allowing as much time as possible for application review. While we will do our best to move your application through the approval process as quickly as possible, it will take some time. Applying early gives you more time to secure your down payment before putting in an offer.
MAP approval lasts for 12 months from when it was granted. However, when purchasing property, the university’s Mortgage Commitment Letter expires upon the expiration of rate lock of the primary mortgage with PNC Bank. At that time, the faculty member would need to obtain an updated Mortgage Commitment Letter from the university.
Financial and Mortgage FAQ
The maximum amount you may borrow is the lesser of 40% of the applicable value of the home or $300,000. For sample calculations, see the complete program terms.
Yes, securing pre-approval for a conventional first mortgage is required to participate in the Mortgage Assistance Program.
Yes. As Tufts’ banking partner for the Mortgage Assistance Program, PNC Bank has special underwriting guidelines for mortgages to Tufts faculty that account for the university’s second mortgage and provide favorable terms. The university’s relationship with PNC Bank also reduces the administrative burden of the program.
Down payment requirements may be driven by the first mortgage; however, there are no down payment requirements directly related to the Mortgage Assistance Program.
Yes, Mortgage Assistance Program funds can be used toward the down payment. However, the borrower may still need to contribute some amount of their own funds aside from the Mortgage Assistance Program amount. The amount the borrower is required to contribute personally may vary depending on the loan product with PNC Bank. We recommend that the borrower speak with their financial advisor to determine the most appropriate combination of primary mortgage, Mortgage Assistance Program (second) mortgage, and personal contribution toward buying a home.
You should contact PNC Bank for pre-approval on your first mortgage as soon as your eligibility for the Mortgage Assistance Program has been approved. If you would like to get a head start, you can submit both applications at the same time.
Yes, funds issued under the MAP second mortgage can be used toward closing costs and associated fees.
No, there is no penalty for early repayment of amounts loaned under the MAP. Faculty members are encouraged to make principal payments prior to loan maturity, if the faculty member’s resources allow, as it would reduce both the amount of monthly interest owed and the balloon payment owed at loan maturity.
Yes. However, the university must be notified if the first mortgage is repaid or refinanced.
The faculty member is responsible for the full amounts owed under the first mortgage and the second mortgage, regardless of a short sale.
If employment with Tufts ceases before the end of the mortgage term, the principal amount of the MAP loan and any unpaid interest owed is immediately due to the university.
If the property is sold before the end of the mortgage term, the principal amount and any unpaid interest owed is immediately due to the university.
Faculty will be connected to the point of contact at PNC upon MAP approval.