SHLP Loan Details
The Supplemental Home Loan Program (SHLP) provides secondary mortgage financing with fixed rate options. Program participation is subject to campus level nomination and the availability of campus funding authority. This program may be used in conjunction with the university’s Mortgage Origination Program to reduce the required cash down payment to as low as five percent.
| Description | |
|---|---|
| Rate: | Fixed rate options. Current rate at time of loan commitment will apply. |
| Loan Term: | 10 years |
| Loan Position: | Second deed of trust |
| Loan Type: | Determined by campus authority based on funding source:
|
Property must be within a reasonable distance of participant’s work location.
Participant must not have owned a primary residence within the prior 12 months near work location.
MOP and SHLP loans are available only for a single-family residence (5 acreage limit) or a condominium.
Property must be the principal place of residence for the primary participant for the term of the loan.
Loan may not be used for construction financing.
Repayment in full is required six months after separation from the university (unless for university retirement or disability).