San Diego Housing Commission 1122 Broadway, Suite 300 San Diego, CA 92101 www.sdhc.org
Established in 1979, the San Diego Housing Commission provides a variety of award-winning aordable housing programs and
services that stimulate the local economy, revitalize neighborhoods, and impact the lives of low-income and homeless San Diegans.
Real Estate Loan Services
Frequently Asked Questions
“We’re About People”
Updated: 05.04.18
Q: What are the procedures to pay o my loan?
A: The San Diego Housing Commission (SDHC) requires a written request for any loan payo information. If you want to pay o your loan in
full, complete the Request for Payo Statement and send it to loanser[email protected]. If you are renancing or selling your home,
have your escrow ocer send a Request for Demand with a signed Borrower’s Authorization to loanser[email protected].
Q: How long will it take to get a payo statement?
A: By law, a lender must respond within 21 days. SDHC’s Loan Servicing team will typically send a payo statement within 10 business days.
Q: Is there a fee to pay my loan in full?
A: SDHC charges $30 to calculate the amount due and to issue the payo statement and charges a re-conveyance fee of $182 per lien/deed
that is released.
Q: Is there a prepayment penalty if I pay o my loan?
A: No, you can pay down or pay o your loan with SDHC at any time without a penalty.
Loan Pay Off
Q: Do I have to pay o my SDHC loan if I renance my property?
A: If you are renancing a loan that is senior to SDHC’s nancing, in order to decrease your loan term and/or lower your interest rate, and as
long as you are not requesting to take cash-out, you will not be required to pay o the SDHC loan. SDHC will “subordinate” its lien to your
new loan, which means our loan will remain in a junior position to your new nancing.
Q: What are the procedures to have SDHC’s loan subordinate to the renancing of my property with no cash-out?
A: Once you have decided to renance your property, refer your loan ocer or escrow ocer to SDHC’s website, www.sdhc.org, for
instructions and the required forms to request a subordination from SDHC.
Q: Is there a fee to subordinate SDHC’s loan?
A: A Subordination Agreement is needed for each loan or recoverable grant you have with SDHC. A fee is charged for each individual
agreement.
Q: Can I renance to pull cash from my property?
A: SDHC does not allow cash to be withdrawn from the property. If you want to pull cash from your property to pay o debts, purchase a car,
etc., you will be required to pay the SDHC’s loan in full through the renance.
Renancing My Home
Q: Can I get an equity line-of-credit on my property?
A: SDHC will not subordinate its loan to an equity line of credit.
Q: If I renance my property will I lose my Mortgage Credit Certicate (MCC)?
A: If the original purchase loan is paid o, the MCC will be lost. However, you may be able to renance the original rst mortgage and have
the MCC tax credit reissued. The subject property must have continually been your principal residence since the home was purchased.
SDHC has contracted with SoCal Reissued MCC to reissue the MCCs for properties located in the City of San Diego. For more details on
how to have your MCC reissued, go to http://socalrmcc.com.
Real Estate Loan Services Frequently Asked Questions
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SDHC Annual Report at www.sdhc.org
Q: Can I transfer my property to a Living Trust?
A: It is possible to transfer your property into a Living Trust. You will need to send SDHC a copy of the Living Trust and a copy of the recorded
deed transferring the property into the Living Trust. Please email the documents to loanser[email protected].
Q: Where do I get a copy of my loan documents or Mortgage Credit Certicate?
Q: Can I make a payment or start making monthly payments on my deferred loan?
A: You can make payments on your deferred loan at any time without penalty. The funds will rst be applied towards the accrued interest
and the remainder towards the outstanding principal balance of your loan.
Q: I recently got married. How do I add my spouse to my loan?
A: By adding your spouse to the title and the loans, he/she will be taking equal responsibility for repayment of the debt. SDHC will require
the spouse to complete a loan application and submit nancial information. For details, contact the Loan Servicing department at
[email protected]. A fee is charged to have the spouse assume the loan.
Q: I recently got divorced and want to remove my former spouse from my loan. How can I do this?
A: You will need to send a copy of the recorded deed that transferred title to the remaining spouse residing in the property. SDHC can
remove their name from your loan; however, they may not be released from the debt.
Q: Does SDHC report to a credit bureau?
A: Since most of the loans made by SDHC have deferred payments, we do not report through any of the credit bureaus.
Q: If I have moved, how do I notify you of my new address?
A: To notify SDHC of your new address, contact the Loan Servicing department at [email protected].
General Customer Inquiries
Q: I received a check from my insurance company for damages to my home, but SDHC is a payee on the check.
How do I get the check endorsed?
A: Please contact the Loan Servicing department at [email protected] regarding any damage to your property and one of the loan
servicing specialists will respond with an explanation of the process for handling the insurance proceeds.
Insurance
Q: I purchased my property under your Aordable For Sale Housing Program and I want to sell it. What do I do?
A: If you are the owner of an aordable unit in one of the following developments: Sycamore Walk, Bella Rosa, Airoso, Cristamar, La Boheme
or Renaissance, SDHC will assist you with the sale of your home in compliance with the aordability restrictions. We also maintain a list of
potential buyers interested in purchasing your below-market rate home. Please complete the Notice of Intent to Sell form and email it to
a[email protected]. If you own an aordable unit in a development not noted above, it can be sold at market rate at any time
pursuant to the terms of the original aordable restrictions. Please contact a[email protected] for additional details.
Q: There is a Master Aordable Agreement recorded against a market-rate home, what can I do to have it removed?
A: The Master Aordable Agreements were recorded in areas where a portion of the homes in the development were sold to eligible buyers
at a below-market, aordable price. The Agreements give notice to buyers/owners in the development and surrounding areas that there
are aordable for-sale housing units in the neighborhood. A waiver can be issued at the time of sale of a market rate home, assuring the
property in question does not have aordable restrictions. This will satisfy the title and escrow companies, allowing the sale to proceed.
To request a waiver, please contact loanser[email protected].
Affordable For Sale Housing
