Down Payment Assistance Program Subordination Policy - 9/10/12
A mortgage subordination agreement is a document frequently used when there are two mortgages on a home, and the homeowner is looking to refinance the first mortgage. The mortgage subordination agreement specifies which mortgage takes precedence over the other.
If you are attempting to refinance your property and you have a Down Payment Assistance (DPA) loan with the City, you may need the City to subordinate the DPA loan to your new mortgage lender. For more information regarding the City’s Down Payment Assistance Subordination Policy, click the link above. You will be required to submit a letter to the City requesting subordination of your loan along with information from your lender on the new loan terms for use in the City’s consideration of the request.