Refinance Information

Because your home is part of an affordable housing program, there are specific steps you must follow to remain in compliance with the program's requirements if you wish to refinance your home. If you’re ready to refinance your home, you must:

NOTE: You must use an approved lender who can lend on deed-restricted properties. You can select a lender from among those listed on the Approved Lender List.

1. Contact Your Program Administrator First
Before applying for a new loan, reach out to your program administrator (HouseKeys) and/or the City to obtain a copy of your City-specific subordination requirement and maximum loan amount. You can do this by submitting a ticket using the link below.

2. Submit a Complete Subordination Package (Work with your approved lender)
Your lender will be able to assist you with filling out the necessary documentation to complete this step.

3. Program Review & Approval
Your request will be reviewed to ensure:

• The refinance meets the program rules

• Your lender agrees to uphold the BMR deed restrictions

4. Final Paperwork & Legal Steps
If approved, you may need to sign an updated subordination agreement and/or additional documents to maintain your BMR restrictions after refinancing.

5. Close Your Refinance
Once everything is approved and signed, you can proceed to close your new mortgage.

Important Reminders

•  "Cash out" during a refinance is limited to the amount stipulated in your restriction agreement, based on the Below Market Rate value.  If it's not stipulated, check with your city to see if it has a policy regarding this.

• Your home’s deed restrictions and affordability requirements continue to run with the land.

• Adding or removing someone from your loan or title requires approval.

• Consult your deed restriction for your specific program guidelines regarding refinancing for your property.

If you are ready to refinance your home, submit a ticket using the Formstack below.