Wesleyan Mortgage Program

REVISED EFFECTIVE DATE - JANUARY 1, 2022

 

Purpose of Program

Wesleyan provides first mortgage assistance on residential properties for the purpose of supporting and encouraging faculty and staff to secure home ownership within reasonable commuting distance of the campus.  

Mortgage assistance can be used for expenses directly 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, title policies, mortgage interest and insurance premiums required to be paid at closing.

The mortgage assistance benefit is taxable to the employee.

 

Eligibility Guidelines 

Faculty

  • Must be at least .75 FTE.
  • Eligible faculty hired before January 1, 2022 may utilize the mortgage benefit for as long as they continue employment at Wesleyan.
  • Eligible faculty hired on or after January 1, 2022 may utilize the mortgage benefit within ten (10) years of program eligibility date.
  • Visiting faculty are not eligible for the mortgage assistance program.

Staff

  • Must be at least .75 FTE.
  • Eligible staff who relocate from further than 50 miles away from Middletown to accept employment at Wesleyan may utilize the mortgage benefit within three (3) years of program eligibility date.

The following conditions apply to all eligible faculty and staff:

  • If two eligible employees share the same residence, only one (1) employee may receive the benefit.
  • Employees must provide a letter of commitment from the lender as evidence of acceptable financial condition.
  • Faculty and staff who are visiting, retired, temporary, or with limited term appointments are not eligible. 
  • The mortgaged residence must be within a 25 aerial mile radius of the Wesleyan campus.  This circle includes New Haven and Hartford.  Please find the map and list of localities.
  • Eligible employees may utilize the mortgage benefit only one time during their employment with Wesleyan.

Mortgage Assistance Benefit

First Time Homebuyers (defined as not owning a residential property within the last three years from the date of the request).  The benefit for first time homebuyers is based on household income using household income limits set forth by the Connecticut Housing Finance Authority ("CHFA").

  • Household Income - as determined by CHFA.  First time homebuyers must submit two (2) years of tax returns as proof of income for each individual living in the household. 
  • Below CHFA Income Limit: 5% of the mortgage up to a maximum of $25,000.
  • Above the CHFA Income Limit: 5% of the mortgage up to a maximum of $20,000.

Other Homebuyers:

  • 5% of the mortgage up to a maximum of $15,000.

Other Conditions of Benefit:

  • For all requests, the benefit amount is prorated based on the amount of the mortgage.
  • The mortgage benefit is a taxable benefit to the employee and will be provided to the lender/closing agent at the time of the closing.
  • Mortgage benefit is available only for the purchase of a primary residence.
  • Mortgage benefit is not available for:
    • Second mortgages.
    • Home improvements or renovations, even if completed at the time of the purchase of the home.
    • Refinancing of current mortgages or for cash purchases.
    • The acquisition of investment property, including a multi-family house, even if occupied by a Wesleyan employee except for Wesleyan owned property sales.
    • Purchase of furniture and other household items.

Please contact benefits@wesleyan.edu for an eligibility letter to show lenders, agents, or banks, or for any other questions related to this program.