Below is a list of frequently asked questions as it relates to this iApply website and the UC Home Loan process. If you have a specific question that is not addressed here, please contact your Campus Home Loan Coordinator or contact the Office of Loan Programs Loan Origination Manager at 510-987-9012.
For additional questions, click here for our main FAQ page.
Why do I have to complete an application if my UC offer letter states I am eligible for a specific loan amount?
Can I make an offer on a home before I apply for the loan?
What information will I be asked to provide on the application?
What if I’m not ready to submit an application at this time?
Can I print a copy of my completed application?
If I can't finish my online application in one setting, can I save it to finish later?
What the difference between submitting an online application versus faxing a paper application?
How is my information kept secure whether I apply online or fax a paper application?
If I save my application to finish it later, how long do I have before my saved application is no longer available?
Do I need to enter my spouse or partner's information if I do not plan to use his/her income for qualifying purposes but I do plan for him/her to have a title interest in the property?
Will I get a confirmation that my application was received?
Can I edit my application after it has been submitted?
How long will it take to get a pre-approval after my application is submitted?
My pre-approval letter has expired – how can I get a new one?
Why do I have to complete an application if my UC offer letter states I am eligible for a specific loan amount?
Your employment offer letter may nominate you for participation in the UC Home Loan Program, but the letter does not constitute loan approval. You must complete the loan application process which involves a loan underwriting review by the Office of Loan Programs to ensure that you meet the Program qualifying requirements for a specified loan amount. If you have questions about the application process, your campus Home Loan Coordinator can provide more information about the Program parameters and guidelines. Our loan process page also provides a brief overview of the application process.
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Can I make an offer on a home before I apply for the loan?
We highly recommend that you get pre-approved before you enter into a purchase agreement. A pre-approval letter helps you put your buying power in perspective, even before you find a property and it also lets a Seller or Realtor know that you are financially qualified to purchase a home. Generally, the Office of Loan Programs can get you pre-approved within two or three business days of receipt of a "complete" application package (including all supporting documents outlined in our Application Checklist).
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What information will I be asked to provide on the application?
In order to complete our underwriting process, our underwriters will evaluate the information provided on your loan application, along with your credit history. Our streamlined loan process minimizes the amount of documentation you are required to provide but you will need to provide supporting documentation regarding your income, liquid assets and debt verification. Also, if you are not a U.S. citizen, you must provide a copy of your current residency documentation. Our Application Checklist provides a list of the standard required documentation to begin processing your loan request. Please also keep in mind that upon review of your submitted information, additional documentation may be requested by your loan underwriter.
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What if I’m not ready to submit an application at this time?
Most campuses have a time limit for you to use your MOP loan. If you aren’t planning on applying right away, you should check with your campus Home Loan Coordinator to determine your eligibility expiration date.
Once your loan application is submitted, you will be assigned to a UC loan underwriter who will work directly with you and all other parties in the transaction.
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Can I print a copy of my completed application?
Yes. The online application provides a summary page of the data you entered and there is a "print" option so you can retain a copy of the information you provided.
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If I can't finish my online application in one setting, can I save it to finish later?
Yes. After you created an account complete a few required fields on the first screen of the online application, you can proceed to the next screen where you can "Save and Exit" to finish it later (within 45 days). Once you click on the save and exit button, a Save Application for Later screen message will appear and ask you to enter your email address and a temporary password which you will need to access your unfinished application. Next, you should receive an email with "New Application Saved" in the subject line and this email will include a URL link specific to your application. Please keep this email for when you are ready to resume completing your application.
*Helpful tips regarding saving your application for later:
( 1 ) The "New Application Saved" email message will come from Admin User <loanapp@ucop.edu> (if you don't see this in your inbox, check your junk or spam folder)
( 2 ) You can only access your unfinished application from the URL link in the New Application Saved email (using your temporary password). Please retain the
email link and remember your temporary password, otherwise you will need to start all over with a new application.
( 3 ) Your application is only saved for up to 45 days from date first started.
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What's the difference between submiting an online application versus faxing a paper application?
Submitting an online application allows us to directly import your application data into our loan origination system (LOS). A faxed paper application, however, may take a little more time upfront during the setup process since we would be manually entering in your application data into our loan system. While both types of submissions go through the same underwriting criteria and review, the online (electronic) submission helps to expedite the initial loan setup and underwriting review process due to the direct importing of data.
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How is my information kept secure whether I apply online or fax a paper application?
The iApply online application uses a 128-bit High Encryption Browser and the data is encrypted as it is transferred between systems. For more detailed information, please read the iApply website Security Statement. For faxed paper applications and supporting documents, the Office of Loan Programs has controls in place for safeguarding this sensitive information. All faxed items are received in a key-pad locked room where the OLP fax machine is located and this secure room is only accessible to OLP staff members. For more detailed information, please read our Privacy Policy.
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If I save my application to finish it later, how long do I have before my saved application is no longer available?
The saved application is only available for 45 days from the date that you started the online application. If you do not complete and submit your application within the 45-day period, you will need to start a new online application.
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Do I need to enter my spouse or partner's information if I do not plan to use his/her income for qualifying purposes but I do plan for him/her to have a title interest in the property?
Yes, if your spouse or partner is planning to have a title interest in the property, their information must be entered as a Co-Borrower on the loan, even if their income will not be considered for qualifying or repayment of the loan.
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Will I get a confirmation that my application was received?
Yes. You will receive an email that your application was received and it will include the name and contact information of the UC loan underwriter assigned to you.
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Can I edit my application after it has been submitted?
No. Once your application is submitted, you will not be able to make any changes to your application; however, you can provide your assigned loan underwriter with any additional information you wish to provide.
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How long will it take to get a pre-approval after my application is submitted?
Upon receipt of a complete application package (submitted application and faxed supporting documents), our office generally can have a loan pre-approval letter for you within five to seven business days.
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My pre-approval letter has expired – how can I get a new one?
The pre-approval letter is good for 90 days. If you still haven’t found a house by the end of this period, you will need to provide your underwriter with updated income and asset documentation. You should allow at least one or two business days for completion of the renewal process.
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