But what if you don t own your solar panel system.
Freddie mac leased solar panels.
The owner of the panels i e.
As previously mentioned leasing a solar panel system means the homeowner.
Through our greenchoice mortgage offering we are committed to facilitate the financing of energy efficient home improvements and energy efficient homes helping more families attain and.
All the major mortgage investors including fannie mae freddie mac the fha and the va require the property to have an alternate source of electricity.
Starting in march 2017 freddie mac mortgage guidelines will be kinder to homes with solar panels whether owned by the borrower or leased from a third party.
Freddie mac purchases mortgages secured by properties with solar panels.
Solar panels get special treatment.
The new user friendly seller servicer guide will make it significantly easier for you and your team to find understand and share critical information.
Properties with solar panels b2 3 04 if the property owner is the owner of the solar panels standard eligibility requirements apply for example appraisal insurance and title.
Its guidelines are being updated to allow underwriters to exclude solar panel lease payments from applicants debt to income ratios.
To learn more start with our requirements for properties with solar panels in guide section 5601 2.
Properties with solar panels.
Solar should be counted towards the value of your home.
Freddie mac believes that reducing home utility costs places families in a better financial situation and helps preserve home affordability over time.
The solar leasing company must have third party insurance to cover damage to the mortgaged property caused as a result of malfunction or faulty installation of the panels.
If the solar panels are leased from or owned by a third party under a power purchase agreement or other similar.
Homeowner interest in solar panel systems has grown in the past decade and we have begun to receive questions from sellers about the eligibility of mortgages secured by properties with solar panels.
