Contact: Roberta Catanach, [bot protected email address], (505) 955-6421.

Refinancing.  Refinancing is allowed under the terms of the Santa Fe Homes Program and HOP and the City will subordinate its liens accordingly. In order to request a subordination, the requestor must state in writing why the transaction will benefit the long-term affordability of the homeowner, by lowering either the monthly payment or mortgage interest rate. Refinancing is not approved if cash is taken out to pay for consumer debt.

 The following items are required in order to request the subordination:

  • Uniform Underwriting & Transmittal Summary
  • Loan Application
  • Good Faith Estimate
  • Truth-in-Lending Disclosure Statement
  • Appraisal – if there is one

Selling a SFHP home.  Likewise, the City will release a lien if the home is sold. The proceeds of the lien are to paid back to the City based on the following equation:

 95% of appraised value/sales price

 – Payoff of 1st position financing

– sellers’ closing costs

 – capital improvements that increase the tax basis in the property

 = Remaining amount of lien paid back to the City.

If the property has appreciated significantly, the seller may owe the City its share of appreciation, as per the seller’s original affordable housing agreement with the City.

Contact Alexandra Ladd; [bot protected email address]; 505-955-6346, for more information on selling a home that is encumbered with a City lien.

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