How to receive a UC home loan

Step One – Nomination for Program Participation

Nomination for participation in the Program is determined at the campus level, and is dependent on the amount of funds available to the campus, based on allocations that are approved by the President of the University every two years.  Once you have been nominated for participation in the Program, your campus home loan coordinator will:

  • discuss with you the Program parameters, allocated loan amount and qualifying criteria;
  • provide OLP with the campus eligibility documents to initiate the application process.
(IMPORTANT NOTE:  Nomination for participation and actual loan approval are not one in the same.  The Participant must apply for the loan and qualify based on the Program loan underwriting criteria).

Step Two – Underwriting Review of Application Package

Once OLP receives a complete application package (items referred to in Application Checklist), your assigned loan underwriter will:

  • Evaluate the information provided on your loan application, including income, asset and credit verifications, to ensure the qualifying underwriting requirements have been met;
  • Request additional information and documentation, if needed, for qualifying purposes;
  • Provide you with preliminary disclosures as required by Federal law;
  • Work with your campus representative, realtor and escrow contacts to obtain additional documentation, as needed.

Step Three – Getting Pre-Approved

After all underwriting requirements have been met, OLP will:

  • Issue a Pre-Approval Certificate that is good for 90 days which states that you have been pre-approved based on the specified loan terms and a review of credit, income and assets only, and not a specific property;
  • Renew your Pre-Approval Certificate after 90 days, as requested, provided that your eligibility period has not expired and updated credit and asset verifications are received by OLP (24-hour advance notice is required for all pre-approval renewals).

Step Four – Loan Commitment and Signing of Loan Documents

Once you have an accepted purchase offer, and OLP has reviewed and approved all property documentation outlined in the Property Documents Checklist, OLP will:

  • Issue a Loan Commitment (Approval) letter committing to the funding of your loan for a specific property at a stated loan amount and 60-day locked-in initial interest rate.  Please read this letter carefully – it contains important details about your loan, including certain conditions that must be met prior to loan funding, including Evidence of Insurance for the property;
  • Prepare your final loan documents and instructions to escrow outlining all final loan funding conditions;
  • Notify you by email or phone when your loan documents have been sent to the escrow/title company and request that you contact escrow to arrange for the signing of all final loan documents.

Step Five – Closing your loan

After OLP receives all signed loan documents and final escrow papers from the escrow/title company and upon receipt of all final funding conditions, OLP will:

  • Authorize the funding and recordation (closing) of your loan;
  • Require a Notice of Completion within 60 days of loan closing for any outstanding repairs for which funds were held in escrow pending completion (e.g. Section 1 termite work, or any other repairs that were required as a condition to the loan).