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Fannie Mae Green Preservation Plus Loans by HomeStreet Bank
Fannie Mae Green Preservation Plus Loans by HomeStreet Bank
Lender:
Fannie Mae/ HomeStreet Bank
Contact Information
Property Types
Program Description
Fannie Mae's Green Rewards Loan helps multi-family property owners and cooperatives invest in energy and water cost saving improvements. It provides property owners with extra loan proceeds (up to an additional 5%) based on the improvements to be installed and lowers the all-in interest rate by 10 basis points (.1%). To be eligible, properties must be able to project a 20 percent minimum consumption savings and must commit to report their property's Energy Star score annually.
Types of Financing
Financing & Payment Information
Term (years):
1
Minimum Amount:
$1
Maximum Amount:
$0
Fees:
None
Money Down Required:
Yes
Repayment Method:
Off-bill loan (Direct to Lender)
Payment Frequency:
Monthly
Pre-Payment Penalty:
No
Allowable Projects
Funds Energy Efficiency projects
Funds Water Efficiency projects
Funds Renewable Energy projects
Funds Demand Response projects
Funds other energy projects - For example, some financing may be primarily for energy efficiency projects; however, it may allow 30% of the financing to fund other water efficiency or renewable projects.
Funds other energy-related projects - For example, some financing may also allow funding for projects in relation to installing the approved product, such as mold or asbestos remediation.
Other Program Requirements
Financing Approval Time
More than 48 hours
Equity in Property Needed
No
Financial Products
| Lien type | Secured loan |
| Re-Payment Method | Off-bill loan (Direct to Lender) |
| Automatic payment option available | N.A. |
| Requires utility incentive program participation | No |
| Must use Program's pre-approved contractors | No |
| One-time fees (% of total financing) | |
| One-time fees (fixed) | |
| Ongoing fees | |
| Financing Amount | $1 |
| Financing Term (yrs.) | 1 year(s) |
| Rate | 0% |
| Money Down Required? | Yes |
| Credit Enhancement Available | |
| Transferrable | No |
| Prepayment Penalty or Fee | N.A. |
| Tax Deductibility | Yes |
| Minimum Credit Score Required | |
| Equity in Property Required | Yes |
| Debt to Income Ratio Required | Yes |
| Involuntary Property Liens Allowed | No |
| Foreclosures Allowed | |
| Bankruptcies Allowed | |
| Mortgage Lender Consent/ Acknowledgement | |
| Must be current on property taxes | No |
| Must be current on mortgage | Yes |
| Loan to value | |
| Debt Service Coverage Ratio | Yes: 0 |
| Financing Approval Time | More than 48 hours |
| Projected Energy Savings/Cash Flow is considered | Yes |
| Must be current on utility bill | No |
Upgrades Covered
No Results
FAQ's
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