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/ Ladder Rank, 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 to Academic Senate appointees as part of a retention effort. Faculty with appointments in the Adjunct or Health Sciences Clinical series are not eligible to participate in this program. 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. Faculty may participate in the MOP program only once (unless they take a new appointment at a different UC campus).
The Mortgage Origination Program (MOP) provides first deed of trust variable rate loans with up to a 30-year term and a maximum 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%. The overall cap to the Standard Rate is 10% over the start 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 5/1 Mortgage Origination Program (5/1 MOP) loan is a fully-amortizing mortgage loan that offers an initial fixed interest rate and payment for the first 5 years of the loan, after which the loan converts to a 1-year adjustable rate mortgage (Standard MOP) for the remaining loan term. The maximum overall loan term is 30 years. All or any portion of the principal balance may be prepaid without penalty at any time and there is no negative amortization associated with 5/1 MOP loans.
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
What is the process? How long does this typically take?
• What are the steps in this process?
I have been appointed to an Academic Senate series within the past two years.
I have an offer letter and want to start this process as soon as I can.
• What can I afford and how much can I borrow?
Use the MOP Qualifying Calculator. (Maximum loan amount is $1 million.)
• Instructions for requesting MOP particiaption before a candidate's appointment is fully approved
(The Every Expectation Letter)
University home loans are originated, underwritten, and serviced by the Office of Loan Programs
Visit this site for loan program and application information.
MOP Qualifying Calculator - Use this tool to estimate potential loan amounts, closing costs, and payments.
The Mortgage Origination Program (MOP Loans)
Frequently Asked Questions (for new borrowers)
Frequently Asked Questions (for exisiting borrowers)
General Mortgage Calculator from Bankrate.com
For departments requesting an allocation before an apppointment is final: The Every Expectation Letter
The 5/1 Mortgage Origination Program (5/1 MOP Loans)
UPDATE: As of July 1, 2014, the FRAP Program Limit is now $62,700.
FRAP (Faculty Recruitment Allowance Program) Policy, APM 190, Appendix E
Note: This page may be bookmarked or forwarded as http://tiny.ucsf.edu/homeloans