Helping to Make Home Ownership More Affordable
The Faculty Home Ownership Program (FHOP) is that part of the Housing Action Plan (HAP) that focuses on home ownership support for faculty. It provides some loan options to help make home ownership more affordable for approved full-time faculty. Please refer to each option for differing details on eligibility and application procedures.
- Down Payment Assistance ($45,000) or Mortgage Interest Assistance ($50,000) -Down Payment Assistance program is renewed and will increase from $45,000 to $50,000 effective July 1, 2017. Mortgage Interest Assistance program is discontinued for new applicants but still being administered to five year completion for those who began the program between 2013 and 2016.
- Prescribed Interest Rate Loan Program – this program was approved in December 2016 by the Board of Governors, and operationalized in early 2017.
- 2nd Mortgage Participating Interest Loan (Up to 33%) – 3 year pilot program, run between 2014 and 2017, is completed and will not be extended. This program has been replaced with the more flexible and popular Prescribed Interest Rate Loan Program introduced as part of 10 year faculty housing implementation strategy update during Phase 1 (Faculty) Review of the Housing Action Plan 5-Year Review..
Click here for a quick reference table comparing the different features of the programs above.
If you require further information or have any questions regarding UBC’s Faculty Home Ownership Program, please contact email@example.com.