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Homeownership Eligibility |
Click here to download the information on the Homeownership Incentive Program
Eligible Property
"Owner Occupied" property which will serve as the recipient’s principal residence include:
- Single family
- 2 to 4 family
- Condominium
- New construction of the above
Eligible Applicants
- Who - All faculty and staff who are employees of OSU (must be on OSU payroll) with regular appointments of 50% FTE or greater.
- Length of service - Upon employment including letter of offer of employment for appointment types as stated above.
- Income restrictions upon application - None.
- Individuals who are excluded – Examples - student employees, graduate associates, lecturers, post-doctoral staff, others on "term" or temporary appointments and persons not on OSU payroll.
- One loan per household - Down payment assistance will be limited to one $3,000 loan per household. (For example, two or more faculty or staff members cannot purchase a single property together in order to double the down payment assistance). Additionally, individuals who qualify and receive assistance through other similar programs are not eligible for this program.
Application Eligibility Order of Priority
All faculty and staff who meet the eligibility requirements listed above may apply for down-payment assistance.
Down-payment assistance will be reserved based upon order of receipt of a copy of the faculty or staff member’s accepted purchase contract on a home in the defined University District. Upon receipt of such contract, funds will be reserved in the individual’s name for a period of 90 days.
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