Some Information About the Fannie Mae HomeStyle Energy Program
There is no question that going solar dramatically reduces energy bills and adds significant value to a home. But what if you are a homeowner without cash on hand to pay for your solar energy system upfront? Is it still possible to take advantage of these energy benefits? Yes, it is!
The easiest way to get capital to fund your choice to go solar or make clean energy upgrades is through a loan. Fannie Mae HomeStyle has introduced a new Energy Mortgage that is worth considering if you find yourself in this situation. This program has been called a Game Changer for the solar industry that offers the lowest cost of capital for new solar installations to date. Consider this:
- Borrowers can use the HomeStyle Energy Program to finance their solar energy installation when they are purchasing a new home, or refinancing their current home. Other solar loan options require that homeowners take out a separate home equity line of credit, PACE loan, or unsecured loan.
- Homeowners who have already installed solar with the help of a solar loan can benefit from HomeStyle Energy, too: the program can help them pay off existing, higher-interest unsecured loans and PACE loans, either by refinancing or rolling the loan into a new mortgage.
- Fannie Mae’sHomeStyle Energy mortgage gives borrowers the ability to complete clean energy upgrades up to 15% of the as-completed appraised property value of the home.
- Homeowners who use the HomeStyle Energy Program to fund their solar energy installation are required to get an energy report that proves that their improvements are cost-effective.
Check-out these links for more information:
Official Fact Page