Guidelines for Refinancing

Current owners of a BMR home may request that the City subordinate their Deed Restrictions to refinance their first lenders’ mortgage(s). Per the BMR Program Guidelines, the City will subordinate to a refinanced first lenders’ mortgage(s) if all of the following conditions/requirements are met at the time of the request for subordination:

  1. Loan Amount: May not exceed the outstanding balance of the first lenders’ loan plus non-reoccurring closing costs (not to exceed two points) and no cash out.
  2. Loan Terms: Must have a fixed interest rate over the life of the loan and may not contain any provisions for negative amortization, pre-payment or balloon payment, or changes in payments. When the junior loan is a CalHome loan, the first mortgage must mature concurrently with or after the CalHome Loan.
  3. Mortgage Insurance: The loan cannot contain provisions requiring borrower to finance mortgage insurance.
  4. Impound Account: Impound account for taxes and insurance is required.
  5. Hazard / Flood Insurance: “City of Livermore, its successors and assigns” must be named as additional Loss Payee on insurance.

If all of the conditions above are applicable, the BMR homeowner or borrower should contact Zoe McGeary at Hello Housing by calling (415) 863-3036 to start the refinance and subordination process. Hello Housing will provide the lender with a letter stating the BMR restricted value of your home and any other documentation related to the Below Market Rate property. Sample subordination and program documents are available for lenders upon request to help determine if the first loan can work in conjunction with the City of Livermore’s BMR program.

Lenders will be required to submit the following documentation to Hello Housing as part of the subordination eligibility screening:

  • 1003 completed loan application
  • 1008 or other loan underwriting form indicating amounts and terms of all financing
  • A preliminary title report
  • Status of client’s Mortgage Credit Certificate program (if applicable)

Subordination package submittals can be emailed to Zoe McGeary or mailed to:

Hello Stewardship – City of Livermore Refinance
1242 Market Street, 3rd Floor
San Francisco, CA 94102

A $650 fee will be charged to the homeowner and due to the City of Livermore upon closing in order to cover a portion of the costs associated with eligibility screening and preparation of subordination documents.

Any requests for exceptions will have to be reviewed by Hello Housing and the City of Livermore.

Lenders Familiar with the City’s Housing Programs

Laurie Cleveland
NMLS #245940, Corporate NMLS# 1820
CMG Financial
3160 Crow Canyon Road, Suite 300
San Ramon, CA 94583

Office: (925) 983-3021
Email Laurie

Jodi Fischer
NMLS #459505
All California Mortgage, a Division of American Pacific Mortgage
17 E Sir Francis Drake Blvd. #200
Larkspur, CA 94939
Office: (415) 897-9103
Email Jodi

Resources to help get you started

BMR Housing Program Guidelines
Guidelines for Refinancing a BMR Home in Livermore
HUD Counseling Agencies


Matt Franklin, President of MidPen and Hello Housing board president, believes everyone deserves quality, affordable housing.

Michelle is a proud new homeowner who purchased a Hello Housing NSP home in San Lorenzo.

Board Member Rick Jacobus is a national expert using data, not anecdote, to design more impactful affordable homeownership programs.

Mardie Oakes, President, blends finance, design and development to make places people thrive.

Jennifer Duffy, Vice President, turns opportunity into action with the Hello Housing team.

Apple lives in a new type of housing made possible by Senate Bill 962, sponsored by former Senate pro Tem Darrell Steinberg.

Larry shares a duplex with two housemates in an innovative residential program called the Family Teaching Model.

Tien is a proud new owner of an affordable home in Newark, as well a box full of tools to make home repairs easy.

Matt Warner, Program Director for Hello Stewardship, makes affordable homeownership happen.