New Home Loan program for Energy Efficiency

Message from Eric Beck:

The Federal Home Loan Bank in Atlanta just rolled out a couple of new products.  Two of them are targeted toward Energy Efficiency Improvements or Accessibility Improvements.  They are offering up to $15000 in improvements per individual family.

Here are the necessary qualifications.

1)Income must be under 80% of the area median income, which is approximately $44,000 for a family of 4.
2)They must own their home and it must be real property.  This means a mobile home may or may not qualify, depending on how its titled.

Attached strings.

1)We would function as intermediary for the work, and helping to process the application
2)People will need to apply directly to the local FHL member bank, which is BB&T in this area.
3)They will need to go through a phone meeting for credit counseling.
4)BB&T holds a 5yr. Mortgage to secure the money.  A 20% portion is written off each year.  If the individual would sell ahead of this time, any proceeds of the sale that were left would go to the pay off the remaining amount.  I don’t believe there would be any collection if there were no proceeds available.

I think this is a great opportunity!  It is targeted to “affordable”, however the income limits are very inclusive of many people in this area.

I’m asking at this point if you would just spread the word.  You can give people Duane’s number 820-3915, if they are wanting to follow-up on this.

August 23 is the beginning date.

Thanks,

Eric


Eric Beck, Site Supervisor
Hope Community Builders
(540)810-4744 
www.hopecommunitybuilders.org
eric.beck@hopecommunitybuilders.org

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