Faculty Loan Program

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. 

Borrow Eligibility

Tenure-track and co-terminous faculty are eligible for the program immediately after signing a multi-year contract with Pomona College. 

Property Requirements

  • 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. 

Additional Information

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