As previously mentioned leasing a solar panel system means the homeowner.
Freddie mac leased solar panels.
This is because the property won t be considered livable if your solar panels fail and there s no electricity.
Homeowner interest in solar panel systems has grown in the past decade and we have begun to receive questions from sellers about the eligibility of mortgages secured by properties with solar panels.
Its guidelines are being updated to allow underwriters to exclude solar panel lease payments from applicants debt to income ratios.
Freddie mac purchases mortgages secured by properties with solar panels.
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.
Solar panels get special treatment.
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.
Freddie mac believes that reducing home utility costs places families in a better financial situation and helps preserve home affordability over time.
But what if you don t own your solar panel system.
Solar should be counted towards the value of your home.
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.
The new user friendly seller servicer guide will make it significantly easier for you and your team to find understand and share critical information.
This part describes the requirements a lender must satisfy to become a fannie mae approved seller and servicer of residential home mortgage loans.
Solar panels are an eligible improvement for greenchoice mortgages.
Effective for mortgages with settlement dates on and after march 1 2017.
Through our greenchoice mortgage offering we are committed to facilitate the financing of energy efficient home improvements and energy efficient homes helping more families attain and.
The owner of the panels i e.
To learn more start with our requirements for properties with solar panels in guide section 5601 2.
Doing business with fannie mae.
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.
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.
