Item Coversheet
  

Agenda Item

Clay County Board of County Commissioners
 Clay County Administration Building
Tuesday, May 12  4:00 PM
TO: Board of County Commissioners
DATE: 5/6/2020
  
FROM: Theresa Sumner
  
SUBJECT:
  
AGENDA ITEM TYPE:  

BACKGROUND INFORMATION:
On April 23, 2008, the Clay County SHIP Program provided down payment assistance to Martha E. Oglesby in the amount of $17,500.00 funded through the First Time Homebuyer Down Payment Assistance Program.  This loan was made as a due on sale mortgage with no forgiveness clause.  Ms. Oglesby would like to refinance the property to a lower interest rate and is asking for subordination of the SHIP mortgage.  The circumstances outlined by the lender meet the requirements of the County's Subordination Policy in that 1) the interest rate of 3.25% is lower than the original rate of 6.690%; 2) the monthly payment will be reduced by $136.00; 3) the borrower is not receiving any cash out from this transaction and 4) the new loan is a fixed rate loan. 

ATTACHMENTS:
DescriptionTypeUpload DateFile Name
Subordination Agreement for OglesbyCover Memo5/6/2020Subordination_Agreement__Oglesby.pdf
REVIEWERS:
DepartmentReviewerActionDateComments
SHIPStewart, ChereeseApproved5/6/2020 - 3:22 PMAnswerNotes
County Manager Wanamaker, HowardApproved5/6/2020 - 4:44 PMAnswerNotes