The Mortgage Origination Program provides first deed of trust variable rate loans with up to 30-year terms at maximum amounts of 80% to 90% of value, depending upon loan size. MOP has a 1-year adjustable interest rate (Standard Rate) with a maximum annual adjustment of one percent, up or down. There is an interest rate cap of 10 percent over the starting interest rate (rate cap effective for loans made on or after January 1, 2014). At no time will the Standard Rate be less than 2.75 percent. Eligibility for MOP participation is generally restricted to qualified applicants who are purchasing a home in the campus area for the first time. More details can be found in the MOP Program brochure.
The 5/1 MOP 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. For additional information, please refer to the 5/1 MOP Program brochure.
The Graduated Payment Mortgage Program (GP-MOP) loan features an initial interest rate that is a specified percentage lower than the Standard MOP loan rate in effect at the time of loan commitment. This percentage changes each year so that the difference between the Borrower Rate and the Standard Rate gradually decreases until the rate equals the Standard Rate. In no case can the Borrower Rate be less than 3.0%. Each campus determines the funding source for GP-MOP loans. Central funds are not available for this Program. For additional information, please refer to the GP-MOP Program brochure.
The Supplemental Home Loan Program (SHLP) provides secured financing to assist eligible faculty members and members of the Senior Management Group in the acquisition of a principal place of residence. The SHLP Program brochure offers additional details.