Refinancing a Below Market Rate Unit (Information For Homeowners)

Units that are part of the City of Hayward Inclusionary Housing Program (also referred to as below market rate or BMR unit) require City written approval in order to refinance. If the refinance is approved, the City will provide your chosen Lender with an approval letter. The information provided below is meant to inform Homeowners who wish to refinance about the information the City will require from the Lender and Escrow Officer who will be handling your refinance. It is very important that Homeowners request that their chosen real estate professionals contact for refinance requests as soon as possible in order to ensure timely close of escrow.

Please note: Homeowners who wish to refinance a BMR unit must work with a Lender that works with a third-party escrow company unaffliated with the Lender. An example of a Lender that does not work with a third-party escrow company is QuickenLoans as their escrow services are handled in-house. This means Homeowners would not be able to work with QuickenLoans to refinance a BMR unit. This is because the City is unable to deposit City documents required for the refinance with the Lender who would be a party to the refinance transaction.


Your Lender needs to provide the City with the documents below:

  1. 1003
  2. 1008
  3. Loan Estimate (include City's Administrative Fee - see below)
  4. Anticipated closing date of new First Lender Loan
  5. Subordination request (if applicable - see below)
  6. Vesting for trustor, trustee, and beneficiary of new First Lender Loan as it will appear on new First Lender Note and Deed of Trust (if subordination requested)

Escrow Officer

Your Escrow Officer needs to provide the City with the documents below:

  1. Prelim report
  2. Payoff demand letter (if also refinancing a City Loan)
  3. Estimated Closing Settlement Statement (include City's Administrative Fee - see below)
  4. Prepaid shipping label so City documents can be deposited directly into escrow (if subordination requested)

General Information

Administrative Fee. Must be paid by Owner directly to the City through escrow upon close of escrow. Refer to development name below.

  • Renaissance Walk - $0
  • Garden Walk - $250
  • Crossings at Eden Shores - $250
  • SoHay - $500 or as established in the Master Fee Schedule

Subordination. If the Lender requires subordination, the Lender must provide a request in writing to requesting subordination no later than three business days from the date of approval of the refinance on the approval letter but if the Lender knows that subordination will be required, it is recommended that the Lender make a request as soon as possible.

Signed in Counterpart. If subordination is requested, Lender/Broker must work with a third-party escrow company. Documents must be signed in counterpart and deposited with third-party escrow prior to close.


  • The estimates given are general timelines. Please be advised that lender/broker/escrow delays responding to the City’s requests for information/documents can increase these timelines.
  • The City will require seven (7) business days from the date of receipt of the refinance documents to review and approve.
  • If subordination is requested, the City will require a minimum of 15 business days from date of refinance approval or from date of lender’s subordination request, whichever is later, to route the paperwork for signature and deposit in escrow. Timelines may be extended due to the COVID-19 shelter-in-place restrictions.
  • Please adjust your escrow closing date accordingly to accommodate these timeframes.

Submitting a Refinance Request

Howeowners who wish to refinance their home should have their real estate professionals e-mail

Questions about Refinance

For general questions, please e-mail