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The

UNIVERSITY
Q/JERMKEII

Engaging minds that change the world

ASSISTANT DIRECTOR FOR CIVIC

AND JUDICIAL PROGRAMS
(STUDENT LIFE PROFESSIONAL)
CENTER FOR STUDENT ETHICS AND STANDARDS

OVCI'SCC/ coordinate pre-hearing conference and sanction review processes and serve as
adjudicator for upper level cases in University student judicial system within the Center
for Student Ethics & Standards. Train university community members to participate in
the judicial process.

Master's degree in Student Personnel, Higher Education or related field and one year
related experience working with Judicial Affairs, Residential Life or other campus life
experience required, or an equivalent combination. Comfort with and demonstrated
commitment to diversity and fostering a collaborative multicultural environment is
required. Conflict resolution skills or counseling experience desirable. Knowledge of
legal issues and case law related to judicial affairs and student rights highly desirable.

For further infomration, or to apply with electronic application, resume, cover letter and
references for #031385, visit our web site at: www.uvmjobs.com Tel. #802-656-3494.

The University of Vermont is an Equal Opportunity.Affrnnative Action Employer. Applications
from women and people from diverse racial, ethnic, and cultural backgrounds are encouraged.

 

  
 

  

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FINANCE

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N 0 Money Down

The Path to Home Ownership

Doesn't Have to be Paved in Gold

By Jeffery Hammerberg
ost first-time home-
buyers share the

M same problem. They
don’t have enough accumulated
savings to make a hefty down
payment for the purchase of
a house. And it doesn't seem
entirely fair, especially to those
who have worked hard to create
and maintain good credit. As
housing prices doubled in recent
years, wages remained relatively
stagnant, and a growing number
of people found themselves
locked out of their own potential
homes because of a lack of avail-
able savings. A 20% (or greater)
outlay of cash at closing is com-
mon, and can be a tremendous
obstacle to overcome, even
if interest rates on mortgages
remain relatively attractive.

But there are alternative
strategies to help get around
the problem, and for many
the “no money down” option
is an increasingly viable solu-
tion. According to the National
Association of Realtors, over
43% of first-tirne homebuyers
financed the entire cost of their
home. Others paid anywhere
from as little as 5% to 1% down.
So you may be closer to the
closing table than you imag-
ined, especially if you engage
the help of an experienced and
creative mortgage lender who
thinks outside the box to get you
into a workable loan package.

Here are some popu-
lar ways it's done:

Secure a loan that also pays
your closing costs

With excellent credit you may
qualify for loans over and
above thegprice of the property
you're buying. Some lenders
offer loans of up to 104 or 107
percent of the selling price, to
provide enough excess funds
to pay all of your closing costs.
Because the lender consid-

ers you a low risk borrower
thanks to your high credit rating,
they view this land of loan as

increased business for them-
selves, while it offers an added
ease and convenience for you.

Apply for two separate loans
that are used in tandem to
cover 1 00%

Ask your mortgage lender about
so-called “80/20" or “piggy-
back” loans. This type of loan
is actually two loans packaged
together to help you buy with
no money down. One of the
loans works in a conventional
way, and is for 80% of the pur-
chase price. The second part

of the loan is a smaller 20%
loan issued simultaneously.

In effect, the lender is let-
ting you borrow your 20% down
payment. You can expect to pay
higher rates on the down pay-
ment portion of the loan, but
you get to buy a house with the

“piggyback" plan, rather than the

“break open the piggy bank” plan.

Do you qualify for special
loans?

The US Department of Housing
and Urban Development can
provide you with information
about state and local govern-
ment loan programs or loans
available through nonprofit
organizations. Check them out,
but if you find a loan that fits
your circumstances, don’t de-
lay — sometimes the loan funds
are budgeted and dispersed

on a “first come, first served”
basis and then they run out
until the next fiscal year.

And if you have served

in the US military, you may

be eligible for a no-money-
down (or low money down)
Veterans Affairs loan.‘

Down payment funds from
gifts or retirement accounts
Some loan programs permit you
to use funds that are a gift from
a family member for your down
payment. The lender will follow
procedures and use a “paper
trail” to ensure that your family
member isn’t just temporarily
parking some money in your
account, and that it really repre-

sents a no-strings-attached legiti.‘
mate and permanent gift. There '
are also lenders willing to make
the same concession for gifts
from a domestic partner or even,
from a nonprofit organization.
You can also tap into your

retirement account as a way to 
get down payment money. There:
are specific guidelines and stipu--
lations, so consult a tax profes-
sional to find out exactly how

to do it. But most 401 (k) plans ._
allow you to borrow as much 0
as $50,000, as long as you have
enough fimds leftover in the ac- A
count to meet certain criteria. 

Flexible owner financing
Sometimes a seller doing self-
financing wiH pay your closing
costs, to help you close the
transaction. And if you use a
“lease purchase" contract, you
may be able to negotiate it so
that the landlord/seller lets
you apply monthly lease pay-
ments toward the purchase Y
price until enough money has
changed hands to compen-
sate for the down payment.

Ask your mortgage represen-
tative to help you decipher all
the available options. Because
real estate prices have skyrock- ‘
eted, mortgage lenders have be- ’
come more creative to meet the 
need for consumer-friendly loan 
packages. During the hot Japa-
nese buH market of the 1980’s,
banks in Tokyo began writ-
ing mortgages With payments
stretched out over lifetimes. A
conventional 30-year loan be-

came a 99-year loan, in order ;~

to help people manage the pay- 7
ments on humongous mortgages,

We don’t expect to see those [-

kinds of amortization schedules
offered in the USA anytime soon,
but we do see opportunities for 
first-time buyers to secure solid and 3
reliable “zero-down” mortgages. V ;_

and lenders dedicated to the
GLBT community, visit the
licensed professionals at
www.GayRea|Estate.com.

C
5 To locate experienced realtors:

Make it work, Michel. Make it wor.

Congratulations on your sparkling tenure at OITM.

We wish you great success in your future endeavors.
You are OUT! Auf Wiedersehen!

-— From the whole gang at MPM and the rest of the Bad Weather Girls