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Programs For Newly Tenured Faculty
Effective July 1, 2006, programs are available to those promoted on or after September 1, 2004:
- to tenure for tenure line faculty
- to continuing term for the Medical Center Line Professoriate
- to continuing term for non-tenure line faculty
- to continuing term for Senior Fellows at special policy centers and institutes
Programs must be used within 10 years of promotion. Programs are not retroactive to past purchases or renovations.
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DIP-T |
HAP II |
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| Buying A Home |
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| Upgrading to a new home |
X |
X |
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| Buying a first home |
X |
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| Renovating Your Current Home |
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| Minor improvements |
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X |
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| Major remodel |
X |
X |
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The following programs are available for eligible faculty based on the table above. Complete descriptions of the programs can be downloaded by clicking on the underlined links.
- The Deferred Interest Program at Promotion (DIP-T) is a loan with
no payments until the principal and deferred interest are paid in full.
Maximum loan amount up to $350,000 or 20% of fair market value. After 10 years,
there will be an adjustment that reduces deferred interest up to $100,000.
DIP-T is available for faculty who have been employed by Stanford in a housing-eligible
position for three or more years prior to promotion. For more information,
download the DIP document.
- The Housing Allowance Program (HAP II) is a taxable fringe benefit
that supplements income upon the purchase or renovation of your home. A minor improvement must
cost at least $10,000. A major remodel must cost at least $200,000 and add a minimum
250 square feet of permanent living space to an existing house. For more information,
download the HAP document.
Note:
For new purchases, the DIP-T loan is available to eligible and qualified borrowers who use the maximum amount of the Mortgage Assistance Program (MAP) loan, the maximum amount of the Reduced Interest Program (RIP) loan, and the maximum amount of the Zero Interest Program (ZIP) loan. MAP is an interest-only loan with a low current interest and deferred interest due at payoff. The maximum loan amount is the lesser of $700,000 or 60% of the fair market value. RIP loans have a low or zero percent interest rate with low or no payment of principal until the due date. ZIP loans have no interest and no payments of principal until the due date. Zip loans may have a forgivable feature.
For more information, download the MAP document, the RIP document and the ZIP document.
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Important Notice
Nothing on this site or in the documents it contains should be construed
as an offer or commitment of any kind. Programs and eligibility requirements
can be changed or discontinued without notice. |
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