Purchase Process

  1. Determine Affordability

    Prior to searching for a new home in our area, it is recommended that you meet with your financial advisor to determine the type of home you can afford when taking into account the benefit of the Shared Appreciation Mortgage Program.  This information will prove helpful when meeting with your realtor as well.

  2. Get Pre-approved

    Interested faculty members should submit a letter from the chairperson of his/her department recommending them for the program to the Dean of his/her School.  Once approved at the Dean level, the Dean will forward the request to the Provost for final approval.  The recommendation letter should contain the following information: 

    • Name (of the faculty member requesting financing)
    • Title
    • Date of Hire
    • Salary
    • Amount needed for loan

    If an exception is being requested, then an explanation of this request should be included as well.  A copy of the recommendation letter should be forwarded to the Office of the Treasurer as well.

  3. Making an Offer and Completing your Financing

    Once you receive pre-approval and your offer is accepted, you will be provided with authorization to begin the loan origination and closing process.  Closings for both the SAM and First Mortgages, including the title work for both loans, will be handled by a University selected closing agent.

    Applicants must contact one of the approved lenders to apply for their standard first mortgage loan.

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