Wesleyan Mortgage Program
Purpose of Program
Wesleyan provides first mortgage assistance on residential properties for the purpose of supporting and encouraging faculty on at least three-quarters time appointments (excluding visitors and retired faculty), professional librarians, and staff to secure home ownership within reasonable commuting distance of the campus, subject to the conditions set forth below.
Eligibility Guidelines for a Wesleyan Mortgage Assistance
- Faculty members who are at least on three-quarters time appointments (excluding visitors and retired faculty) are eligible for one mortgage under the current program.
- Starting July 1, 2006, professional librarians and staff members who are at least three-quarters time who relocate from further away than 50 miles in order to accept a position at Wesleyan, are also eligible to take advantage of the mortgage program within three years of their hire date.
- The financial condition of borrowers must be acceptable.
Location of Mortgaged Residence
The mortgaged residence must be within a 25 aerial mile radius of the campus. This circle includes New Haven and Hartford. A map and list of localities is available on the Human Resources web site at http://www.wesleyan.edu/hr/forms.html
Mortgage Assistance Program
Wesleyan will provide up to $15,000 for uses related to the mortgage and closing costs for the purchase of the home. This includes down payment, discount points (to lower the mortgage rate), real estate taxes, insurance premiums, title policies, interest paid, etc.
The Wesleyan benefit will be 5% of the mortgage up to a $300,000 mortgage for a maximum of $15,000. The benefit amount is prorated based on the amount of the mortgage (e.g. the benefit $12,500 for a $250,000 mortgage, $10,000 for a $200,000 mortgage and so on). This payment is a taxable benefit and will be provided to the lender at the time of the closing.
Mortgage assistance is available only for the purchase of a primary residence. Mortgage assistance is not available for:
- Home improvements or renovations, even if done at the time of the purchase of the home.
- Re-financing of current mortgages or for mortgage financing where no current mortgage exists.
- The acquisition of investment property, including a multi-family house even if occupied by a Wesleyan employee except for Wesleyan owned property sales.
- In the event that two otherwise eligible faculty and staff share the same residence, only one Wesleyan mortgage will be granted.