The Mortgage Origination Program (MOP) provides first deed of trust variable rate loans with up to a 30-year term and a maximimum loan limit of $1 million; not to exceed a loan-to-value ratio of 90% or a maximum income-debt ratio of 48%. The maximum annual adjustment of the interest rate for a loan, upwards or downwards, is 1.0%. There overall cap to the Standard Rat is 10% over the statrt rate (effective Jan 1, 2014). At no time will the Standard Rate be less than 3.0%. In the special cases where a Supplemental Home Loan Program (SHLP) loan is offered in conjunction with a MOP loan, the loan-to-value ratio may go as high as 95%.
The Mortgage Origination Program is a recruitment tool to assist qualifying new faculty in purchasing their first home in the Bay Area. Eligibility for MOP participation is restricted to faculty with appointments in the Academic Senate series (Professor, Professor In Residence, or Professor of Clinical X) or members of the Senior Management Group (SMG) within the first two years of their eligible appointment. In some cases, eligibility to participate in the MOP program may be offered as to Academic Senate appointees as part of a retention effort. Unless by special exception from the Chancellor, candidates may not already own or have owned in the past 12 months a primary residence in the Bay Area.
Criteria and procedures specific to the UCSF campus are available here.
For departments, the MOP/SHLP Allocation Request Form is here.
If preparing an offer letter, it is essential to use the UCSF Offer Letter Generator. This system will supply the legally important language regarding the home loan programs.
Home Loan Program Manager: Wilson Hardcastle, 415/476-2016
University home loans are originated, underwritten, and serviced by the Office of Loan Programs
Visit this site for loan program and application information.
The Mortgage Origination Program (MOP Loans)
Frequently Asked Questions (for new borrowers)
Frequently Asked Questions (for exisiting borrowers)
Requesting an allocation before an apppointment is final: The Every Expectation Letter
UPDATE: As of July 1, 2013, the FRAP Program Limit is now $60,900.
FRAP (Faculty Recruitment Allowance Program) Policy, APM 190, Appendix E
Note: This page may be bookmarked or forwarded as http://tiny.ucsf.edu/homeloans