Solar panels properties with leased or borrower owned solar panels are eligible as long as all fhlmc requirements are met.
Freddie mac leased solar panels.
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.
Properties with solar panels.
This part describes the requirements a lender must satisfy to become a fannie mae approved seller and servicer of residential home mortgage loans.
Freddie mac purchases mortgages secured by properties with solar panels.
Solar panels get special treatment.
Solar should be counted towards the value of your home.
Effective for mortgages with settlement dates on and after march 1 2017.
Its guidelines are being updated to allow underwriters to exclude solar panel lease payments from applicants debt to income ratios.
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.
Solar panels are an eligible improvement for greenchoice mortgages.
But what if you don t own your solar panel system.
To learn more start with our requirements for properties with solar panels in guide section 5601 2.
Freddie mac believes that reducing home utility costs places families in a better financial situation and helps preserve home affordability over time.
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.
The owner of the panels i e.
This is because the property won t be considered livable if your solar panels fail and there s no electricity.
If the solar panels are leased from or owned by a third party under a power purchase agreement or other similar.
As previously mentioned leasing a solar panel system means the homeowner.
If there is a lease for the panels all pertinent documentation must be reviewed to make sure these is nothing that can impair freddie mac s first lien position per 22 3 of the guide.
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.
