The Wellesley College mortgage program

Purpose of the Plan
The purpose of the mortgage program is to enable faculty and senior administrators to live proximate to the College to facilitate interaction among faculty and students.

Eligibility
The mortgage program is available to all tenured and tenured track faculty at an Associate or Full Professor level, physical education faculty with long-term renewable five-year contracts who work at least half-time (.5 FTE), and senior administrators who have positions equivalent to or higher than vice president.

For faculty members, the program is available upon confirmation from the Dean's office that the faculty member is currently tenured or is tenure-track at an Associate or Full Professor level and will be considered for tenure within two years of receiving the mortgage.

Refinancing, on a one-time basis, is available for eligible faculty and administrators who previously owned or privately financed their own residences, prior to being eligible to participate in the Wellesley College mortgage program.

Distance from the College
The Wellesley College mortgage program is applicable to the purchase of a primary residence within a 10-mile radius of the College.

Cost to Participate
The fee to participate is $1,000, which is due to Wellesley College upon submission of the Uniform Residential Loan Application.

Maximum Amount the College will Loan
The College currently will loan up to $800,000 in this program.

This amount is reviewed by the Board of Trustee’s Finance Committee and adjusted based on median house prices in the town of Wellesley. The new maximum loan amount will be changed as needed.

Please note that the College’s Board of Trustees has set 3 percent of the endowment as the maximum amount to be available for this program. Provision of mortgages is subject to the availability and funds on the part of the College and a satisfactory credit review of the potential faculty or staff member. Priority is given to 1st time home buyers.