Pomona College offers a Faculty Home Loan Program for tenure-track and co-terminous faculty. The Faculty Home Loan Program is described in its entirety in the Faculty Handbook. The basic requirements and benefits of the program are described below.
Tenure-track and co-terminous faculty are eligible for the program immediately after signing a multi-year contract with Pomona College.
- Geographic Requirement: The property financed must be located within a 5 mile radius of Pomona College.
- Valuation: The value of the property must be substantiated by comparable sales and approved by the Director of Real Property.
- Improvements: This program is for the acquisition of single family residences only. Income properties do not qualify for this program.
Terms of Financing:
- Maximum loan: $555,000
- Minimum down payment: 5% of the purchase price
- Interest Rate: The interest rate on the loan is discounted 3% below the current local mortgage rate, with a minimum rate of 2%.
- Amortization: Loans are fully amortized for 30 years, with a 5 year renewable call date.
Contact the Director of Real Property for additional information and assistance regarding the home buying process including:
- Initial research and previewing properties
- Finding a local Realtor
- Evaluating properties
- Making an offer
- Escrow process