CSU to Offer Mortgage Assistance for Faculty and StaffResponding to employee concerns about housing affordability, the California State University has announced an agreement with CitiMortgage, Inc. to provide special mortgage assistance to CSU employees.
The CitiMortgage program plan will offer three kinds of advantages to CSU employees.
First, a reimbursement of loan application fees, valued at approximately $375, applicable to purchases or refinancings.
Second, grants to cover closing costs of 2 percent of the loan amount, up to $2,000, for low- to moderate-income households or employees who are purchasing properties in low- to moderate-income areas. (The low- and moderate-income designations are defined by the U.S. Department of Housing and Urban Development and vary by county).
Third, up to 100% loans will be available for certain eligible borrowers or properties. For employees purchasing homes on leasehold properties, private mortgage insurance charges may be avoided, depending upon the appraised value of the property.
"We hope this special mortgage program makes CSU employment opportunities more attractive for prospective faculty members who are coming to or relocating in California," said Richard P. West, CSU's vice chancellor and chief financial officer. "It also will help CSU staff buying first homes and refinancing."
The offerings apply to the purchase of single-family, two-, three- or four-unit income/family homes, and mortgage refinancing.
CSU is one of the largest employers in the state with 44,000 faculty and staff working at 23 university campuses from Humboldt to San Diego.
The CSU is planning to reevaluate the CitiMortgage program in a year. In the meantime, the CSU is continuing to explore other ways of expanding housing affordability for CSU employees.
For information on housing studies conducted by the CSU, please see Housing.
Last Updated: 19 February 2002