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Residential
Solar Loan FAQs

  • Yes, our Solar Loan Program allows batteries to be included in the finance.

  • We currently do not have a max loan amount, however loans $125,000.00 and over will require full underwriting and additional financial documents.

  • We have a minimum loan requirement of $10,000.00.

  • Minimum of 680, will review lower on a case-by-case basis.

  • 40% DTI

  • $3.75 for PV only

  • It is a Hard credit pull.

  • No, prepayment fees.

  • No, the customer will get to keep their Tax credit to use as they wish.

  • The income verification can be last filed tax return, most recent W2, or last two paystubs.

  • The I/o payments will only be charged on what’s been funded, typically only closing costs. P&I will start on month 7.

  • Payments begin one month after signing loan documents.

  • P&I Payments begin on month 7.

  • Yes, customers can set up auto debit authorization in the closing package. For outside accounts, we need a picture of a voided check prior to closing.

  • If the home is titled and affixed to the property.

  • No, we cannot dictate who is the co-borrower.

  • We will allow the cost of the roof to be included with the solar financing; we ask it to be itemized on the contract to show the cost of the roof as a separate line item.

  • At this time, we will not allow home improvement items such as Water Heaters, AC Units, Generators, Pool Pumps and Windows to be included in the solar loan financing. These items should not be listed on the contract.

  • If the property is in a business name, we will have to run it through our commercial department at the rate and terms of our commercial solar program.

  • If the home is under an LLC, it would be processed by our commercial department.

  • Currently, Equifax is the only bureau that we use.

  • The loan is not transferable, but the new homeowner can apply for a loan with us. In most cases, our clients will increase the sale price of the home to pay off the loan. This is the most ideal situation.

  • We do have a UCC-1 filing for state and county for the panels only.

  • The home can be in a Trust, we would require the Trustees sign a landlord release form.

  • Yes, we will approve if there is a reverse mortgage on the property since we do not file a 2nd mortgage on the solar panels.

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