Home > For Current Homeowners > Partial
On a conventional or amortizing loan (for example, DPAP or FARM)
A borrower may make an additional principal payment
of any amount at any time by sending a check payable to Stanford University
to Mortgage Receivables, 3145 Porter Drive, Palo Alto, CA 94304. Please identify
the loan for which you wish to apply this additional payment. Your subsequent
loan payments will not change but the loan will be paid off sooner.
On a loan with a deferred interest feature (for example, MAP or DIP)
A borrower may make a partial prepayment on a loan
with a deferred interest feature at any time. The following conditions
must be met:
- The amount of the prepayment is at least the minimum required amount.
- The borrower notifies Faculty Staff Housing of this transaction.
- For DIP loans, an appraisal meeting the conditions
of the note is required. For
MAP loans, no appraisal is required as long as the borrower agrees to have
the deferred interest calculated based on the note rate. An appraisal for the purpose of any prepayment must be ordered by Faculty Staff Housing.
- If an appraisal is used to calculate the deferred interest, then a CPA
letter specifying capital improvements completed may further reduce the deferred
interest obligation and must be submitted by the borrower. See Adjustment Improvements document for more information.
The partial prepayment will be applied to both the
principal and deferred interest due in the same portion as they are due. Deferred interest due is calculated in the same manner as if the loan is being paid off. Subsequent monthly payments, if any, will be reduced. For
more information, please refer to your mortgage note or to the Mortgage
Assistance Program or Deferred
Interest Program documents.
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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.