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GSFA energy efficiency financing program - Overview

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Your home may be wasting hundreds of dollars every year in energy costs. Reducing the amount of energy and water usage in your home can potentially make a big difference in your monthly energy costs.

With the GSFA Residential Energy Retrofit Program, you can finance energy efficiency home improvements, up to $50,000 with a low interest rate loan.

Published in: Economy & Finance
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GSFA energy efficiency financing program - Overview

  1. 1. Energy Efficiency Financing (GSFA Residential Energy Retrofit Program) Program Overview for Homeowners, Realtors and Contractors 3/16/2016Golden State Finance Authority | (855) 740-8422 | www.gsfahome.org 1 In partnership with
  2. 2. What Can the Program Do For YOU?  Low interest rate financing:  For energy efficiency home improvements  On residential properties w/ utilities provided by PG&E.  Potential benefits from energy efficiency improvements:  Improve comfort of the home.  Potentially lower utility bills.  Potentially increase the home’s value.  Reduce energy consumption & help the environment.  Support the local economy. 3/16/2016Golden State Finance Authority | (855) 740-8422 | www.gsfahome.org 2
  3. 3. Low-Rate, Low-Cost Financing Tool for Energy Efficiency Measures  Borrow up to $50,000 (subject to credit qualifying).  6.5% fixed-interest rate* loan (15-year fully amortizing) :  Example: $10,000 loan = $87.11/month (APR 7.365%)  Example: $20,000 loan = $174.22/month (APR 6.924%  NO pre-payment penalties on loan.  NO income restrictions to apply.  NO equity requirements on property.  Property doesn’t have to be a primary residence (rental properties, vacation homes, etc. are eligible) 3/16/2016Golden State Finance Authority | (855) 740-8422 | www.gsfahome.org 3 * Interest rate quoted as of 03/16/16 and subject to change at any time
  4. 4. Energy Efficiency Measures to Address Many Issues in Home 03/25/16www.gsfahome.org 4 Old or inefficient water heater (including solar units) Insufficient or low-grade insulation in attic Old heating or cooling system Leaky air spaces Bad duct systems Inefficient lighting Inefficient appliances Leaky windows Insufficient insulation in basement
  5. 5. Borrower Eligibility 1. Must be owner of subject property. 2. Must be current on mortgage (if there is a mortgage). 3. Must be current on property taxes/no tax and judgment liens. 4. Must furnish proof of income/current employment. (No minimum or maximum income requirement) 5. Must have a minimum credit score of 640. 6. Must not exceed a debt-to-income ratio of 45%. 7. No chapter 7 bankruptcy within the last 5 years. 8. No credit charge offs nor foreclosures within last 3 yrs. 3/16/2016Golden State Finance Authority | (855) 740-8422 | www.gsfahome.org 5
  6. 6. Property Eligibility 1. Must have utilities provided, in part or in full, by PG&E. 2. Must be a single-family, 1-4 unit residential property. a. 1-4 unit residences that are detached structures. b. PUDs or condos are allowed (including duplexes and half-plexes). c. Modular homes are allowed. d. Mobile homes and manufactured homes are NOT allowed. 3/16/2016Golden State Finance Authority | (855) 740-8422 | www.gsfahome.org 6
  7. 7. Additional Features & Guidelines  100% of the Project Cost can be financed:  Any rebates you apply for from other sources are cash in your pocket.  Loan secured by Fixture Filing Lien on any equipment installed.  At least one (1) piece of equipment is required.  Applicant Fee of $545 per project:  Administration Fee = $200  Underwriting Fee = $150  Escrow Fee = $195 NOTE: These fees are automatically included in the Loan Amount (not to exceed credit approval), adding only a few dollars to your loan. 3/16/2016Golden State Finance Authority | (855) 740-8422 | www.gsfahome.org 7
  8. 8. Visit the Website @ www.gsfahome.org  About the program.  Eligible energy efficiency measures.  Testimonials.  Frequently asked questions.  List of Participating Contractors. 3/16/2016Golden State Finance Authority | (855) 740-8422 | www.gsfahome.org 8
  9. 9. How to Get Started 1. Contact a GSFA Participating Contractor: a. List available at www.gsfahome.org b. Or call GSFA at (855) 740-8422 for a referral. 2. Apply for credit / find out how much you can borrow. 3. Discuss your options with your contractor. 4. Your contractor will submit your project for approval when you are ready. 5. Sign your loan documents and return them to GSFA. 6. Energy upgrade!
  10. 10. Supporting Affordable Homeownership for more than 22 Years Golden State Finance Authority (GSFA) 1215 K Street, Suite 1650 Sacramento, CA 95814 www.gsfahome.org (855) 740-8422 Presentation contains program highlights only. All guidelines are subject to change without notice. The GSFA Residential Energy Retrofit Program is sponsored by California Home Finance Authority (“GSFA”), a California Joint Powers Authority. Funding for this program is made possible through financing from Five Star Bank and may be supported in part by funds from PG&E. 3/16/2016Golden State Finance Authority | (855) 740-8422 | www.gsfahome.org 10

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