In a world increasingly driven by environmental awareness and sustainable living, Verde Solar Power is a leading light in the solar energy industry. Solar power is not just a buzzword; it’s a powerful source of clean energy that can help us reduce our carbon footprint and cut down on energy costs.
But, there’s more to this story. Verde Solar Power partners with the Federal Housing Administration (FHA) to make solar energy more accessible and affordable. With the insights of FHA representative Jon Burguen, we’ll explore all of the benefits and resources of FHA mortgage solar financing.
Meet Jon
Meet Jon Burgueno, Branch Manager Sedona AZ at Fairway Independent Mortgage Corporation. Jon is a Federal Housing Administration expert and has dedicated the last 16 years to helping people buy homes.
What is FHA Mortgage Solar Financing?
So, what exactly is FHA mortgage solar financing, and how does Verde Solar Power make the most of this collaboration?
According to Jon, an FHA loan is “for people who are buying primary resident houses. It’s good for people that have limited money to put down (FHA requires 3.5% down), and is helpful for those with less-than-perfect credit.”
When it comes to FHA solar loans, “the goal is to help people with affordability, encourage energy efficiency to reduce climate change, and support renewable energy and reduce people’s needs to purchase electricity.”
The Benefits of FHA Solar Loans
- The price of electricity is only going to increase, so giving more people the option to go solar will give people more affordability
- You can spread the cost of solar over the term of your mortage
- You can go solar during your first home purchase or refinance and purchase a solar package. It’s available for everyone!
The best perk of all? No hidden fees: Jon and the rest of the team at Fairway Independent Mortgage Corporation will “always provide an upfront loan estimate and continue to provide estimates along the way” he says.
Plus, Verde Solar Power is committed to giving our customers transparent and trustworthy solar quotes. “We trust Verde Solar Power to give us [truthful] quotes,” Jon said.
Everything You Need to Know: Verde Solar Power and FHA Solar Financing
Verde Solar Power has been working hand in hand with the FHA to open doors for homeowners looking to invest in solar energy. By offering a range of solar financing options, they’re making it easier for homeowners to embrace clean energy.
Own a Home? Here’s how to get started:
- If you own a home, would get a quote from Verde Solar Power
- Work Jon, an FHA representative, to refinance your home
- Get the necessary plans and permits from Verde Solar Power
- Fairway Independent Mortgage Corporation holds the funds and disperses them directly to Verde Solar Power once the project is completed (which needs to be within 120 days)
If you don’t own a home but you’re on the path to ownership, Jon says that “you can install a solar package (that is approved by the FHA team) when you purchase your home.” He notes, however, that it needs to be an owned solar package and not a leased one.
Are you eligible for a FHA Solar Loan?
If you’re not sure if you qualify for an FHA solar loan, here are a few things to know:
- Have a quote from Verde Solar Power? Know that the solar package can’t be more than 20% of your home’s value
- Your debt-to-income ratio can go up to 55% of your gross income
- You’ll have to provide proof of 2 years minimum employment, but not necessarily in the same field or position – your income will document your ability to pay the loan.
- Minimum credit score better than 580
Still have questions? Reach out to Jon at Fairway Independent Mortgage Corporation!
Considering an FHA solar loan? Here’s what to keep in mind:
When it comes to FHA solar financing, it’s no secret that it can feel overwhelming and confusing. Jon offered a few tips to keep in mind when starting on your solar journey:
“Start early and think about how long you be in your home.”
“Look at your budget to make sure it’s right for you and your family.” Remember that there are tax breaks and savings that come with going solar!
“[This program] is great for people in Arizona. It’s pilot program in the [Verde Valley] area and Fairway Independent Mortgage Corporation is happy to offer a package that makes lives more affordable.”
FAQs about FHA Solar Financing
Who needs to contact Verde Solar Power and get a quote? The homeowner or homebuyer.
How long do I have after closing to install the solar package? 120 days.
Can I lease a solar package? No, in order to qualify for FHA solar financing, you’ll need to own a solar package.
Who pays the solar company? With solar financing, FHA will pay the solar company after the necessary work is completed and permits are obtained.
How do I get started? Reach out to Verde Solar Power today!
Never Go Solar Without a Verde Solar Power Quote
Verde Solar Power, in collaboration with the FHA and the expert guidance of Jon Burguen and Fairway Independent Mortgage Corporation, has illuminated the path to accessible, affordable solar financing. The benefits are substantial: a reduced carbon footprint, energy savings, and a sustainable future for your home. It’s more than a financial decision; it’s an investment in a cleaner, greener tomorrow.
If you’re ready to embrace the power of the sun, we encourage you to begin your solar journey with a quote from Verde Solar Power. There’s no time like the present to step into the world of solar energy. Reach out to Verde Solar Power today, and take the first stride towards a brighter, more sustainable future for your home and the planet.
Reach out to Jon
Jon’s Phone: 928-282-3200
Fairway Independent Mortgage Corporation: 602-445-9966
Email: jonathanb@fairwaymc.com
