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.

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.

• 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. MAP is an interest-only loan with 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. For more information, download the MAP document.
  
  
• For first time buyers, the DIP-T loan is available to eligible and qualified borrowers who use the maximum amount of the Mortgage Assistance Program (MAP) loan. First time buyers may also be eligible for the Reduced Interest Program (RIP) loan and for the Zero Interest Program (ZIP) loan. The RIP and ZIP loans are available to eligible and qualified borrowers who use the maximum amount of the MAP loan and the maximum amount of the DIP-T loan. RIP loans have a low or zero percent interest rate with low or no payment of principal until the due date. For more information, download the RIP document. 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 ZIP document.

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