Wesleyan Mortgage Program
Effective November 2010
Liberty Bank has terminated the prior
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
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,
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
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,
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
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
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,
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.
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 email@example.com or x2833.
administrative staff member is an employee who is not a temporary
employee and is not a member of a bargaining unit or of the faculty
or a professional librarian.