First-Time Home Buyers Assistance Program

In response to high mortgage rates and the limited availability of affordable homes within reasonable commuting distance of Brunswick, the College is offering a forgivable loan program to assist employees with the purchase of their first home in the area.
Graphic of a house

For a limited time, Bowdoin will provide a ten-year forgivable loan for up to 10 percent ($50,000 maximum) of the home purchase price to support faculty or staff who have not owned a primary residence within forty (40) miles of Bowdoin's Brunswick campus within the past five (5) years.

The loan does not have to be repaid as long as the employee remains in a benefits-eligible position at the College in either a full-time basis on campus or in an approved hybrid role and continues to own and occupy the home as their primary residence. For each year that the employee remains at the College, one-tenth (1/10th) of the loan principal, as well as the annual interest, will be forgiven. On the anniversary date of the loan, forgiven principal and interst will be reported as taxable income on the employee's W-2.

This is a limited-time, two-year program available for property closings occurring between March 1, 2024, and February 28, 2026.

The College has partnered with two area banks, Bath Savings and Kennebec Savings Bank, to process the loan and provide all required disclosures at property closing.