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."