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c. Refinancing to lower the interest rate on the first mortgage if the <br />closing costs and/or fees can be recovered within four (4) years. <br />d. There is sufficient property value to support all outstanding mortgages. <br />e. Refinancing for educational purposes. <br />f. Refinancing for medical emergencies. <br />4. Request for Subordination of Lien should not be considered under the <br />following circumstances: <br />a. The interest rate on the new mortgage exceeds the interest rate of the <br />existing mortgage. <br />b. The cumulative loan -to -value ratio exceeds 100%. <br />c. The housing debt -to -income excee_A 30%. <br />d. The total debt -to -income ratio exceeds 40%. <br />e. There is cash paid out to the borrower(s): y <br />f. The mortgage lender and applicant fail to provide all required <br />documentation. <br />5. Additionally, no subordination request shou� be approve it contains <br />any of the following„provisions: <br />a. Adjustable rate mortgage (ARM) <br />b. Balloon payment(s)� �y <br />c. Open line of credit � <br />�” _ <br />d. Reverse mortgage <br />e. Prepayment --penalty / �t <br />f. Interest only\rm rtgage <br />g. Negative amortization '.y y -r <br />'fir-In-theeve\ntttthe�Coun_ty agrees to subordinate its affordable housing liens <br />or -mortgages <br />Usual consideration is -given only for proven hardship. Payment of <br />ycredit card, ebt is `nota basis for approval in accordance with the County's <br />Subordination Policy. It is the intent that granting of subordination shall be <br />yne time only�arid sha I'not include any liens/mortgages recorded <br />subsequent to the; County's lien interest. <br />\\ o <br />20. Refi <br />The County'will generally agree to subordinate its interest in a rehabilitated or <br />newly constructed owner -occupied residential property assisted under the <br />CDBG or DRI programs if the proposed new loan is in an amount that does <br />not exceed the current aggregate balance of existing superior lien(s) plus <br />reasonable closing costs. This policy applies to both repayable and deferred <br />payment loans. Requests for a Subordination Lien due to hardship will be <br />considered on a case-by-case basis and are contingent upon state and <br />federal funder guidelines and rules. <br />21. Program Income <br />90 <br />