Home Renovation Loan Program
effective as of July 1st, 2004The purpose of this Program is to provide low interest loans to faculty and staff who are not eligible for other low interest or equity loan programs to encourage residential home purchases adjacent to the Wesleyan campus. click here to see map
The policy and procedures to follow in obtaining a home renovation loan are as follows:
If not eligible for a low interest loan, such as option #1 below, then Liberty will determine if the borrower is eligible to obtain a second mortgage from Liberty that can provide financing for the renovations.
If the renovations are done after the initial purchase of the home, then contact Liberty Bank to determine the financing options that are available. The options include:
Middletown Residential Rehabilitation Loan Program.
A 2nd mortgage from Liberty.
If options 1 or 2 are not feasible, the the borrower may be eligible to
obtain a loan under the new Wesleyan Home Renovation Program.
The contact persons at Liberty Bank are:
Laurie Nichols (main bank contact)
55 High Street, Middletown , CT 06457
Voice: (860) 344-7314 Fax: (860) 638-2962
Liberty Bank, 55 High Street, Middletown , CT 06457
Voice: (860) 704-2122 Fax: (860) 638-2962
Loan amount, rate and limits:
Maximum loan f $20,000
Maximum period of 10 years (no pre-payment penalty)
Interest rate - Liberty Bank's most favorable fixed equity loan rate, no points.
Eligible for only one loan at a time
Check to see if you are eligible for other, existing mortgage, equity or loan programs,
including Bank loans or State or Federal special programs (Liberty Bank will provide
information and assess eligibility). Provide proof of first mortgage credit worthiness
(Liberty Bank will assist in this effort). Provide plans for use of the funds. For example
construction plans, contractor estimates or do-it-yourself estimates. If Liberty Bank
determines that the only renovation program you are eligible for is the Wesleyan Home
Renovation Program then contact Noreen Angeletti (685-3956) to apply for the Wesleyan loan.
The loan will be secured by a promissory note, indicating that the loan will act as a second lien on the property.
Liberty Bank charges a non-refundable application processing fee of $40.00 for the Wesleyan Home Renovation Loan.
Once the loan is approved by the VP of Finance and Administration you will be required to sign a payroll deduction form since all mortgage payments are made through payroll deduction.