Scenarios

Scenario #1

• Example: Home buyer is a benefits-eligible employee who has been renting a house for three years and has never owned a home.
• Home Location: Gardiner, Maine (31 miles from campus)
• Qualify?: Yes
• Purchase Price: $560,000
• Amount of Forgivable Loan: $50,000 (10 percent of purchase price up to $50,000)
• Forgiven Principal and Interest: $5,000 per year as long as the employee remains employed full-time on campus or in an approved hybrid role.
• Amount Owed to Bowdoin: $0 as long as the employee remains employed full-time on campus or in an approved hybrid role for ten years

Scenario #2

• Example: Home buyer is a benefits-eligible employee who owned a home in Bath, ME seven years ago but has been renting since then.
• Home Location: Bath, Maine (13 miles from campus)
• Qualify?: Yes
• Purchase Price: $280,000
• Amount of Forgivable Loan: $28,000 (10 percent of purchase price up to $50,000)
• Forgiven Principal and Interest: $2,800 per year as long as the employee remains employed full-time on campus or in an approved hybrid role
• Amount Owed to Bowdoin: $0 as long as the employee remains employed full-time on campus or in an approved hybrid role for ten years.

Scenario #3

• Example: Home buyer is a benefits-eligible employee who is new to the area.
• Home Location: Thomaston, ME (49 miles from campus)
• Qualify?: No (property is more than 40 miles from campus)
• Purchase Price: N/A
• Amount of Forgivable Loan: N/A
• Forgiven Principal and Interest: N/A
• Amount Owed to Bowdoin: N/A

Scenario #4

• Example: Home buyer is a benefits-eligible employee who sold their home in Brunswick two years ago and has been renting since then.
• Home Location: Topsham, ME (3 miles from campus)
• Qualify?: No (buyer has owned a home in the area within the last five years)
• Purchase Price: N/A
• Amount of Forgivable Loan: N/A
• Forgiven Principal and Interest: N/A
• Amount Owed to Bowdoin: N/A

Scenario #5

• Example: Home buyer is a benefits-eligible employee who has never owned a home. They qualify for Bowdoin’s First-Time Area Home Buyers Assistance program but leave the College six years after securing a forgivable loan.
• Home Location: South Freeport, Maine (12 miles from campus)
• Qualify?: Yes
• Purchase Price: $510,000.00
• Amount of Forgivable Loan: $50,000 (10 percent of purchase price up to $50,000)
• Forgiven Principal and Interest: $5,000 per year as long as the employee remains employed full-time on campus or in an approved hybrid role.
• Amount Owed to Bowdoin: $20,000 plus related interest ($30,000 is forgiven—$5,000 a year for the six years the employee remained at the College after)

Scenario #6

• Example: Home buyer is a benefits-eligible employee who sold their home in Freeport six years ago. They intend to pay cash for a new home.
• Home Location: Wiscasset, Maine (27 miles from campus)
• Qualify?: No (Bowdoin’s loan program is only available to eligible employees who obtain a primary mortgage from a participating bank)
• Purchase Price: N/A
• Amount of Forgivable Loan: N/A
• Forgiven Principal and Interest: N/A
• Amount Owed to Bowdoin: N/A