Below Market Rate owners may refinance the debt on their property at any time following purchase; however, they must contact the city's BMR contractor, HouseKeys, prior to a refinance or equity line. HouseKeys will provide the owner with clear instructions to ensure program compliance. At that time, and at any other time the owner requests it, HouseKeys will provide the owner and/or the lender with the current BMR value of the home, in accordance with the formula specified in the BMR Deed Restrictions. Only HouseKeys or the City of Menlo Park can determine the appraised value of a BMR property. It is the owner's responsibility to inform their lender that the property is a BMR property. BMR owners are not allowed to take out loans against their property that exceed the BMR value of the home.
If the BMR owners want to proceed with refinancing, the owners must contact HouseKeys to start the refinancing process. HouseKeys will provide the lender a letter stating the BMR restricted value of the home and any other documentation requested.
A $400 fee will be charged to the homeowner and due to the City of Menlo Park upon closing in order to cover a portion of the costs associated with eligibility screening and preparation of refinancing documents.