|The 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.
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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
Residential Rehabilitation Loan Program.
A 2nd mortgage from
If options 1 or 2 are not
feasible, the the borrower may be
obtain a loan under the new Wesleyan Home Renovation
The contact persons at Liberty Bank
Laurie Nichols (main
55 High Street,
Voice: (860) 344-7314 Fax: (860) 638-2962
Liberty Bank, 55 High Street, Middletown , CT 06457
Voice: (860) 704-2122 Fax: (860)
Loan amount, rate and limits:
Maximum loan f $20,000
Maximum period of 10 years (no
Interest rate - Liberty Bank's
most favorable fixed equity loan rate, no points.
Eligible for only one loan at a
Check to see if you are eligible
for other, existing mortgage, equity or loan programs,
Bank loans or State or Federal special programs (Liberty Bank will provide
information and assess eligibility). Provide proof of first mortgage
(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
Noreen Angeletti (685-3956) to apply for the Wesleyan
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.