If you are a homeowner and wish to refinance you will first need to contact an experienced lender familiar with the City of Novato’s BMR program (see list of lenders that the City is aware are familiar with the program below) and direct them to email us. Rise Housing Solutions will provide the lender a letter stating the BMR 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 City of Novato’s BMR program. Please note that the City of Novato will only subordinate to a new 1st loan if you are receiving no cash out except for very limited circumstances.

Lenders will be required to submit the following documentation to Rise Housing Solutions 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

Refinance package submittals can be emailed or mailed to:

Rise Housing Solutions – Novato Refinance
1990 N California Blvd
Suite 20 PMB 1074
Walnut Creek, CA 94596

As of March 23, 2013, a $550 refinance fee will be charged to the homeowner and due to the City of Novato upon closing in order to cover a portion of the costs associated with eligibility screening and preparation of subordination documents. This refinance fee can be financed and paid at closing.