Housing Program mortgage insurance waiver for employees
***Funding for the program is limited, so not everyone who applies and meets the criteria for the program will be able to participate.. ***
CSU Housing Programs has partnered with Canvas Credit Union to offer a mortgage insurance waiver exclusively for University employees.
CSU employee who meets criteria of the program can save hundreds of dollars a month in mortgage insurance and can purchase a home with a smaller down payment.
The Mortgage Insurance Waiver Program is a financial-need based program for employees (See mortgage insurance waiver eligibility criteria).
Mortgage insurance is an insurance that many lenders require during the home buying process, particularly for first-time home buyers and home buyers who do not have 20% of the price of the home they are purchasing available for a down payment. Employees who apply for a loan through Canvas Credit Union and who qualify for this new mortgage insurance waiver will have a lower monthly mortgage payment because they are not also paying for monthly mortgage insurance.
How does the CSU employee waiver work? In an innovative arrangement, CSU and Canvas have agreed that CSU will cover some of the costs normally covered by mortgage insurance for employees in this program who have a loan through Canvas if the employees default on their mortgage. The university’s administration has established a fund to cover costs if an employee defaults on a mortgage. Funding for the program is limited, so not everyone who applies and meets the criteria for the program will be able to participate. Participation is on a first come first served basis for employees meeting the eligibility criteria.
Interested employees can reach out directly to our partners at Canvas Credit Union: Mike Nelson- Office:303-639-2154, Cell:303-349-7150, Email: [email protected] OR Andrew Martin- Office:303-639-2575, Cell: 720-724-5715, Email: [email protected]