UpDate - Vol. 11, No. 35, Page 2
June 25, 1992
Mortgage program changes assist employee relocation

     To respond to the housing needs of those who accept a position
with the University, the Board of Trustees, upon recommendation of
President David P. Roselle, this spring made changes in the
University's Mortgage Program.
     Faculty and professionals who are required to relocate by reason
of their University employment are now immediately eligible for the
University's Mortgage Program when they begin working here.
     All other faculty and professional employees are eligible after
two years of employment.
     The enhancements also reduce the amount of the down payment
required from 20 percent to 10 percent. Now the amount of a mortgage
may be the lesser of 90 percent of the appraised value of the property
or 90 percent of the purchase price.
     In addition, the amount of the mortgage may not exceed 3.25 times
the eligible member's regular University salary for property purchased
within the state of Delaware, or 3 times the regular annual University
salary for property outside of the state.
     The rate of interest for a University mortgage is to be
approximately 87.50 percent of the prevailing mortgage interest rate
in the state of Delaware for mortgages with similar terms and
conditions based upon a monthly assessment of such mortgages,
factoring in points that are  normally charged for Delaware mortgages.
     According to J. Robert R. Harrison, University treasurer, "these
changes demonstrate the University's commitment to attract and retain
faculty and professionals by alleviating some of the financial burdens
associated with relocation and to enhance the possibility of obtaining
suitable housing."