Mortgage Assistance Program FAQ
Mortgage Assistance Program FAQ
Full-time, tenure-stream (or equivalent) faculty with 9 years of service or less and in good academic standing 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)” for each school, see the complete program terms.
Applications will be prioritized on a “first-come, first-served” basis.
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.
No, there is no maximum household or individual income cap for eligibility.
If your current home is 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.
No, this program is open only to first-time homebuyers or those whose previous home is located in an excluded state. Any home in the area is not located in an excluded state and therefore you would not be eligible to participate.
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.
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.
We recommend contacting the bank for pre-approval on your first mortgage as soon as you are ready to begin your housing search.
The Office of the Provost is responsible for reviewing and approving applications.
You can apply for a second mortgage through Tufts as soon as you are pre-approved for a conventional first mortgage. 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 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.
Yes, funds issued under the MAP second mortgage can be used toward closing costs and associated fees.
Only one MAP second mortgage will be issued for a property purchase.
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 the Tufts ceases before the end of the mortgage term, the principal amount 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.
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.
The 50-mile radius is determined by any of the Tufts campuses identified in the program document.
Discounted homebuying services are available to all Tufts employees. Additional information is included below.
As part of this pilot program, tenure-stream faculty are being prioritized for recruitment and retention purposes.
Yes, there are a number of other real estate benefits available to benefits-eligible faculty and staff. Visit the Real Estate Services Programs page for more information.