Mortgage Loan Program
This program provides first mortgage loans at favorable interest rates and terms for the purpose of purchase of homes to be occupied as a single-family principal residence by an eligible person and his/her family. Applications are considered for mortgage loans in an amount not to exceed 90 percent of the appraised value of the property or the purchase price, whichever is lower, up to the maximum loan allowable at the time the application is made. Mortgages are granted for terms of up to 40 years. The interest rate for mortgage loans is targeted at a 20% discount to the prevailing local commercial interest rate for residential mortgage loans, with the IRS long-term Applicable Federal Rate (AFR) serving as a rate floor. The program has an absolute rate floor of 2.50%. The property purchased must be located within a nine mile radius of the University's central campus or within the official city limits of Trenton. Faculty who are interested in obtaining a mortgage through this program should contact University Mortgage Services, (609) 258-3123, to determine eligibility and obtain detailed information.