Wesleyan Mortgage Program
Effective November 2010

Liberty Bank has terminated the prior program.
Please see below for current benefit information.

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.  Staff members eligible for the program under previous guidelines will remain eligible through June 30, 2011.

·         If you participated in a Wesleyan mortgage program since 2001 you are not eligible for additional Wesleyan mortgage assistance under the current program and can disregard the message below.  Faculty hired since 2001 that have not participated in a Wesleyan mortgage assistance program remain eligible for one mortgage.  Faculty, professional librarians, or administrative staff[1] who were eligible for a Wesleyan mortgage prior to July 1, 2001 may obtain one new mortgage under the program, provided they do so prior to July 1, 2011.

When Wesleyan’s mortgage program was reviewed in 2001 several changes were made.  The revised program better defined the location of permitted mortgage residences, limited eligibility for new staff and librarians, and allowed only one mortgage per Wesleyan career.  In 2001, to allow for transition, all eligible faculty and staff were allowed ten years to participate in one more Wesleyan mortgage program provided they did so before July 1, 2011.  Subsequent revisions to the mortgage program in 2005 and 2006 changed mortgage terms and continued the ten-year transition phase.  In order to receive mortgage assistance under this transition clause all eligible faculty and staff must have a signed housing contract in place by June 30, 2011 when eligibility ends.

·         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.

 

If you have any questions about the program change, please contact Nathan Peters npeters@wesleyan.edu or x2833.