Learn How UCSF Homebuyers Can Receive Down Payment Support

By Robert Hood on October 23, 2020


UC San Francisco employees planning to purchase a home can get a boost towards achieving that goal through a new affiliation between UCSF Campus Life Services and Landed, Inc., a Bay Area personal finance company.

Landed provides employees of health care and educational institutions, including UCSF, down payment support and other home-buying resources. Interested UCSF employees can find for more information at Landed.

“Having a 20 percent down payment is one of the biggest barriers to home ownership in the Bay Area,” said UCSF Senior Associate Vice Chancellor for Campus Life Services, Clare Shinnerl. “With high monthly rents spoiling efforts to save, many Bay Area renters cannot accrue 20 percent and are left out of the market – even if they could afford the monthly mortgage and other home ownership costs.”

The maximum down payment dollar amount Landed can contribute is up to $120k (up to 15% of the home’s value). This contribution amount and percentage is effective July 14, 2021 through September 30, 2021 and applies to those who have signed a welcome letter with Landed. Landed’s funds come in the form of an equity investment, meaning that homebuyers share in a portion of the gain – or loss, if any – of the value of the home once the partnership is ended — typically by sale or refinance. Landed’s down payment support is not a loan, so it does not add to an employee’s debt and there are no monthly payments.

“Now more than ever, it is critical we find innovative ways to advance the wellbeing of our employees and also continue our efforts to recruit the best and brightest talents,” said Leslie Santos, assistant vice chancellor of Housing and Wellbeing Services. “We hope this program will benefit those who have been saving towards purchasing a home but need a boost to get to the 20 percent down payment.”

When prospective homeowners have a 20 percent down payment, they typically qualify for lower mortgage interest rates and avoid costly Private Mortgage Insurance (PMI) which lenders often apply to home loans with less than a 20 percent down. Further, Landed’s program accelerates the timeline to home ownership, enabling employees to benefit from tax deductions that are not available to renters.

Landed’s down payment support program will provide an option for UCSF employees who cannot benefit from UCOP’s Mortgage Origination Program (MOP), which is limited to academic senate appointment faculty and senior management group staff. The two programs will co-exist for the different employee groups.

“While there are many economic uncertainties, thanks to COVID-19, after careful consideration we decided to move forward with promoting Landed, as we did not want to hold this opportunity back from employees for whom Landed is the right personal choice,” explained Shinnerl. “There is also more inventory than normal in the market right now and low mortgage interest rates as well.”

All employees working at least 20 hours a week for UCSF are eligible to participate in Landed’s down payment program. Employees who use Landed’s down payment program must agree to stay with their UCSF for at least two years.

Through Landed employees will also gain access to a network of agents and lenders, free homebuyer guidance and resources to help make informed buying decisions. 

“We are thrilled to begin serving UCSF employees and supporting a research university and medical center at the forefront of confronting the public health challenges we face as a society today,” said Alex Lofton, co-founder of Landed. “The Bay Area remains the most expensive region to purchase a home, and we are pleased to better position UCSF employees to buy a home near or in the communities they serve.”

Since its founding in 2015, Landed has helped hundreds of healthcare workers and educators purchase a home, including employees of Stanford University, Santa Clara University, University of Hawaii, University of Colorado and other universities on the East Coast. Landed is a San Francisco and Denver-based company.