This web site is provided as a brief overview of the
Dickinson College Homebuyer Program. For a complete description, please read the
plan document available in Human Resource Services.
The Dickinson College
Homebuyer Program assists eligible employees with either the purchase of a home
in a specific area OR assists first-time homebuyers. The program provides a
Forgiveness Loan of up to $2,000 for closing costs and downpayment assistance.
It also provides a Deferred Payment Loan of up to $5,000 for additional
downpayment and closing cost assistance which would be due on the sale of the
You must either buy and occupy a single, two or three family
home in the specified area OR you must be a first-time homebuyer.
program is open to any Dickinson College employee who meets either one of the
- Faculty members of 50% or more of
full-time with a minimum one-year appointment
- Regular staff
members scheduled to work 20 hours or more per week.
Only one benefit per family, even if more than one household member is an
employee. Only one program (geographic area or first-time homebuyer) may be used
A first-time homebuyer is (a) someone who has
never owned a home; (b) someone who has owned a mobile home but not the land on
which it was located; or (c) someone who has lost their home due to a divorce
settlement and has not owned a home since that time (displaced homemaker).
You must contribute at least 3% of the purchase price of
a home with your own money towards downpayment on the property. The College will
then provide a forgivable payment loan to you for up to $2,000 for downpayment
and/or closing costs. The amount of assistance required is determined by the
mortgage lender. The loan will be forgiven in increments of 1/60 per month from
the anniversary date of the home purchase over a five-year period. The entire
sum is forgiven after five years of home ownership. Any unforgiven amount of the
loan is due and payable upon the conditions listed in the Termination of Loan
Should you die, the remainder of the forgiveness
loan will be absolved based on years of service. If you have more than five
years of service, the loan will be completely excused. If you have less than
five years of service, 1/5 of the loan will be forgiven for each year of
This program has a cap of $10,000 in total for new
Forgiveness Loans per fiscal year (July1 through June 30).
If additional assistance is
required, up to $5,000 in no-interest loan funds can be provided to you. The
exact amount is determined by the mortgage lender.
Should you die,
and if you worked at the College for more than five years, this loan is payable
when your immediate family ceases to occupy the property or when remarriage
occurs. If you have less than five years of service at the time of death,
repayment will begin within 60 days after death.
A cap for all
deferred loans granted in one year is set at $25,000 per fiscal year (July 1
through June 30).
Eligible employees who wish to apply for funds should
obtain an application
from Human Resource Services at 55 N. West Street. Available funds are provided
on a “first-come-first-serve” basis.
Once a decision is made, you
will be notified by mail about approval or denial.
homebuyers who fall within certain income limits may also qualify for programs
offered by local lenders and the Cumberland County Redevelopment Authority
Your loan becomes due when any one of
the following circumstances occur.
1. You are no longer a
2. You no longer occupy the property as your
principal residence, or
3. You are no longer the owner of the
If you and your spouse divorce, and you, the Borrower, move
out of the property but provide court-ordered support to members in the
household, repayment is not necessary.
If you are on an approved
Leave of Absence for not more than one year OR are serving as director of one of
the College’s overseas facilities, no termination is triggered and repayment is
Repayment is required within 60 days of termination
of employment, change of address, or at property settlement.
the information on the Human Resource Services web pages is kept as accurate as
possible, it is for information purposes only and is subject to change at any
time. The official documents and policies are maintained in the Human Resource