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Affordable Housing Subordination Request Information

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The Town of Truckee recognizes and appreciates that homeowners may desire to refinance a first mortgage as a means of lowering their housing costs. The Town of Truckee will subordinate to a new first mortgage if all of the following conditions are met and the requested information is provided to the Town:

  1. The home must remain your primary residence.

  2. The new first mortgage must be a fully amortized, fixed-rate mortgage. (No adjustable rate interest, interest only or negative amortization loans acceptable.)

  3. No cash out to the borrower. The Town will not subordinate is the borrower is pursuing refinancing for the purpose of liquidating equity in the home.

  4. The Town’s lien is to remain in second place.

  5. The term and conditions of the Town loan do not change.

  6. The Town will not incur any costs related to the refinance of the first mortgage including, but not limited to, costs for courier service.

  7. Documentation will be provided that the current appraised value is sufficient to include the new first mortgage as well as the Town’s lien. This documentation may be a copy of current appraisal or written verification of the appraised value.

  8. A copy of the Estimated Settlement Statement is to be provided to the Town with the Subordination Request.

  9. The Subordination Agreement document shall include language that the agreement will be recorded concurrently with the new first mortgage.

  10. All documentation is subject to the Town’s approval.

  11. The Subordination Agreement to be prepared with Jeff Loux, Town Manager, as authorized signatory.

  12. The Subordination Agreement and supporting documentation to be forwarded to for processing:

            Judy Price
            Town Clerk, Town of Truckee
            10183 Truckee Airport Road
            Truckee, CA 96161
            (530) 582-2924

  13. Please allow approximately seven days for Town processing.

At the Town’s discretion additional information and/or documentation may be required.

Please contact the Housing Program Manager to obtain the standardized Subordination Agreement form.