Program Guidelines for Refinancing
If you are a homeowner and wish to refinance you will first need to contact an experienced lender familiar with the Town of Los Gatos’ BMP program and direct them to Hello Housing. Hello Housing staff will provide the lender with a letter stating the BMP restricted value of your home and any other documentation requested. Sample subordination and program documents are available for lenders upon request to help determine if the 1st loan can work in conjunction with the Town of Los Gatos’ BMP program. All loans used to purchase or refinance BMP homes must have a fixed interest rate and a fixed loan term without balloon payments to minimize homeowners exposure to increased risks of mortgage default.
Lenders will be required to submit the following documentation to Hello Housing as part of the refinance eligibility screening:
- 1003 completed loan application
- 1008 or other loan underwriting form indicating amounts and terms of all financing
- A preliminary title report
- Loan Estimate and Closing Disclosure
Refinance package submittals can be emailed or mailed to:
Hello Stewardship – Los Gatos Refinance
P.O. Box 423690
San Francisco, CA 94142
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