What is the main advantage of a guaranteed loan?
The CU Foundation has entered into an exclusive arrangement with Elevations Credit Union that allows favorable repayment terms, and variable rate interest-only payments.
Is there a penalty for early payoff?
No, there is no penalty for early payoff
I applied for the $100,000.00 Guaranteed Loan, but I received a loan for only $50,000.00?
This loan amount is a hybrid of the $100,000.00 Guaranteed Loan. Treasury makes every effort to work with faculty to qualify for a loan; due to our review process not every one will qualify for an $100,000.00 loan.
If I have applied and been approved for a FHAP loan; how soon can I close on the property?
The faculty member may close on a loan no more than 3 months before their official start date at the university.
I have had, or currently have a FHAP loan; am I able to pay this loan off and reapply for another FHAP loan?
Historically it has been allowed on a per case basis, but that option is no longer available as new program parameters are now in place. In the event of extenuating circumstances like a divorce, consult with the Treasurer's Office.
Are only full-time University of Colorado tenure & tenure track faculty eligible for the FHAP program?
Yes, The Board of Regents approved the program for tenure and tenure-track faculty lines only. For additional information, see C.R.S. 23-20-134 which gives authority to the Board of Regents for this program.