UC Mortgage and Loan Programs
The Office of Loan Programs designs, delivers and manages housing assistance programs for the recruitment and retention of faculty in support of the education, research and public service missions of the University of California.
Between 7/1/2016 and 6/30/2021, 108 Mortgage Orientation Program (MOP) Loans worth $86,385,000 were granted on campus.
- MOP loans can provide financing of up to 90% of the lesser of the purchase price or appraised value for loan amounts up to $2,370,000.
- For loans greater than $1,990,000, the maximum financing percentage, or Loan-to-Value (LTV) ratio, is 80%. MOP loans in excess of $2,370,000 require additional campus and system-wide approvals
At UC Santa Barbara, MOP loan eligibility is extended for an initial three academic-year period at the time of hire. Eligibility may be renewed thereafter by responding to the Academic Personal email invitation to renew. There is currently no limit to the number of renewals.
For more information, please visit the UCOP Office of Loan Programs.
Mortgage Origination Program (Standard MOP)
MOP, also known as Standard MOP, is a fully-amortizing first deed of trust loan with a one-year adjustable interest rate based upon an internal University index (MOP Index).
5/1 Mortgage Origination Program (5/1 MOP)
The 5/1 Mortgage Origination Program (5/1 MOP) is an alternative product to the Standard MOP. 5/1 MOP is a fully-amortizing first deed of trust 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 Standard MOP for the remaining loan term. During the initial loan process, you will have the option to select the 5/1 MOP product.
Graduated Payment Mortgage Origination Program (GP-MOP)
Loan featuring an initial interest rate that is a specified percentage lower than the Standard MOP Rate in effect at the time of loan commitment.
Supplemental Home Loan Program (SHLP)
The Office of the President has a centrally-funded Supplemental Home Loan Program Pool (CF-SHLP) that may be available for a limited number of high-priority cases where housing is a key recruitment consideration and the individual is not able to qualify for a home purchase. The program has specific criteria and terms, e.g. it is a second trust deed which may only be used for a primary residence and has a maximum term of 10 years (other limitations and terms may apply).
For more information, please reach out to the Faculty Housing Contacts.