Renewalbe Energy Lending
At Admirals Bank we offer Title-1 home improvement loans up to $25,000 for photovoltaic solar installations. The basic details of this loan are as follows:
FHA Title One Home Improvement Loan
• Secured Loan insured through FHA
• No equity or appraisal needed
• Fixed rates from 4.95% - 9.95%
• Tax-deductible interest
• No pre-payment penalty
• 100% upfront funding
• Solar Step-down option, where in the first 24 months you can re-amortize your loan to significantly reduce your monthly payment
The only two requirements for our program are the following:
• A minimum credit score of 650 for the primary borrower (600 for the co-borrower) debt-to-income ratio of 45% or less
If a homeowner needs more than $25,000, Admirals will make an additional cash disbursement up to $15,000 a total loan amount equaling $40,000. The additional loan is called our Plus-1 loan and the details are as follows:
Plus One Loan
• Loans from $500 - $15,000
• No Interest No Payment for 18 months
If a customer is borrowing less than $25,000. We can offer the 0% portion of the loan equal to the 30% tax credit (if a customer puts money down, the 0% portion will be equal to the total loan amount). The balance will be secured.
Requirement for the 0% portion of the loan is 700+ FICO and 3 years home ownership as well as 45% Debt-to-income ratio or less.
Closing costs are financed into the loan. A portion of the closing costs should be tax deductible (consult your tax advisor)
This a non-equity based loan, so there is no appraisal required making turnaround time about 10 business days.
To apply click here.