Program information

The Mortgage Origination Program, or MOP, was created by the University of California to offset the negative impact of California housing prices by providing competitive first mortgages to eligible Davis faculty and senior management to assist them in the purchase of a principal residence near their campus.

Eligibility

The eligible population for the program consists of full-time university appointees who:

• Hold senior management positions; or
• Are members of the Academic Senate; or
• Hold academic titles equivalent to titles held by Academic Senate members; or
• Hold the title of Acting Assistant Professor
• For incoming international employees, have a visa specific to UC Davis and a Social Security Number or Individual Taxpayer Identification Number prior to starting loan application process
• Eligibility is restricted to those within their initial 2 years of hire. Candidates should not ask for nomination until they can certify they plan to purchase within the next 12 months. Once campus authorization is granted, the benefit must be used within 12 months.
• MOP is restricted to 1 MOP per borrower/household, regardless from what UC the candidate came
• Do not currently own, and have not, within the 12-month period preceding the issuance of the loan, owned another property within a reasonable distance (i.e. within a 90-mile radius) of the campus
• MOP/SHLP participation is subject to availability of funding
• Program participation and policies are subject to change at any time
• The final decision regarding actual eligibility for a loan commitment will be made based upon the general criteria contained in the Program Loan Application as well as the property and credit information supplied during the underwriting process

Loan Pre-Approval

Borrower must have pre-approval PRIOR to entering the contract to buy a home.

Exceptions and Extensions

Extensions outside the 12 month authorization period are not permitted under regular policy limits and considered an exception to policy. All exception and extension requests are not guaranteed and must include detailed justification and appropriate supporting documentation from the candidate at the time of request. These cases will be reviewed collectively by Campus Leadership. Please note that even if an extension is warranted, approval remains contingent on available MOP funding.

Property Guidelines

• Campus loan limit is $900,000.
• Property must be purchased within 90 miles of Davis.
• Properties must be owner-occupied and must be a single-family residence (including condominiums and units within planned unit developments).
• Property must be the participant's principal place of residence.
• Property must be used primarily for residential non-income producing purposes.
• Property must be 50% or more participant owned.
• Property on more than one acre will be appraised for the home and one acre only with the MOP loan restricted to not more than 90% of this appraised value.
• Property must be occupied by the eligible MOP borrower no more than 60 days after the close of escrow.

Loan Position

MOP loans must be secured on the property by a first deed of trust.

Loan Types