Updated 3/22/17
*Program in effect for closings on or after July 1, 2017
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.
What Is the Dickinson College Homebuyer Program?
The Dickinson College Homebuyer Assistance Program assists eligible employees with the purchase of a single, two- or three- family home within a 25-mile radius of Dickinson College by providing a Forgiveness Loan of up to $2,500 for closing costs and downpayment assistance. The program also provides a Deferred Payment Loan of up to $7,500 for additional downpayment and closing cost assistance.
Who Can Participate?
This program is open to any Dickinson College employee who meets either one of the following criteria.
- Faculty members of 50% or more of full-time with a minimum one-year appointment
OR - Regular staff members scheduled to work 20 hours or more per week.
*Note: There is a two loan limit per family, even if more than one household member is an employee.
Forgiveness Loan for Downpayment and Closing Costs
The College will provide a forgivable payment loan to you for up to $2,500 for downpayment and/or closing costs. Over a five-year period, the loan is forgiven in increments of 1/60 per month from the anniversary date of the home purchase. 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 Assistance section.
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 service.
Deferred Loan
If additional assistance is required, up to $7,500 in no-interest loan funds can be provided to you. The loan amount must be paid off over a maximum of five years, but may be repaid sooner.
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.
Termination of Loan Assistance
Your loan becomes due when any one of the following circumstances occur:
- You are no longer a Dickinson employee,
- You no longer occupy the property as your principal residence, or
- You are no longer the owner of the property.
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 not necessary.
Repayment of the loan is required within 60 days of termination of employment, change of address, or at property settlement.
How Do I Apply?
Eligible employees who wish to apply for funds should obtain an application from Human Resource Services at 55 N. West Street.
Once a decision is made, you will be notified by mail.
*First-time homebuyers who fall within certain income limits may also qualify for programs offered by local lenders and the Cumberland County Redevelopment Authority (717-249-0789)*
Although 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 Services office.