Guild Mortgage has announced a mortgage program that will allow homebuyers to include solar panels in their loan amount.
The FHA Solar program, available to residents of California, lets homebuyers combine the financing for their home and solar panels into a single transaction. The program adheres to Federal Housing Administration loan requirements and offers down-payment options as low as 3.5%. The down payment is based on the purchase of the home before the cost of solar panels is added in.
“This program will give more options to homebuyers looking for solar, because it gives them the flexibility to purchase panels and add them to any home they choose,” said Mary Ann McGarry, Guild Mortgage president and CEO. “FHA Solar is ideal for individuals who are looking to buy a home that they plan to live in for several years and realize the return on their investment. It will also be attractive to customers who want to lower their monthly utility bill and have a greener footprint.”
“Research shows an increasing number of people are looking for homes with solar installed, and we expect that trend to increase over the next five to 10 years,” said David Battany, Guild Mortgage executive vice president of capital markets. “Few lenders currently offer programs for the purchase of solar panels with a new home. We see this as a great opportunity to serve the next generation of homebuyers.”