We present FoundAtion-model-guided decoupled LoCO-maNipulation visuomotor policies (FALCON), a framework for loco-manipulation that combines modular diffusion policies with a vision-language foundation model as the coordinator. Our approach explicitly decouples locomotion and manipulation into two specialized visuomotor policies, allowing each subsystem to rely on its own observations. This mitigates the performance degradation that arise when a single policy is forced to fuse heterogeneous, potentially mismatched observations from locomotion and manipulation. Our key innovation lies in restoring coordination between these two independent policies through a vision-language foundation model, which encodes global observations and language instructions into a shared latent embedding conditioning both diffusion policies. On top of this backbone, we introduce a phase-progress head that uses textual descriptions of task stages to infer discrete phase and continuous progress estimates without manual phase labels. To further structure the latent space, we incorporate a coordination-aware contrastive loss that explicitly encodes cross-subsystem compatibility between arm and base actions. We evaluate FALCON on two challenging loco-manipulation tasks requiring navigation, precise end-effector placement, and tight base-arm coordination. Results show that it surpasses centralized and decentralized baselines while exhibiting improved robustness and generalization to out-of-distribution scenarios.