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Homes with Solar Panels Are Creating Re-Sale & Refinancing Issues

 
Homes With Solar Panels are becoming more and more common, in fact many towns and cities are providing incentives for homeowners to install solar panels on their homes.  However, Homes with Solar Panels Are Creating Re-Sale & Refinancing Issues.  As a result Realtors and Loan Originators need to ask a very important question required in order to obtain financing on a Fannie Mae backed loan.  Are the solar panels owned or leased?
If the solar panels are owned the following will be required:  Standard Fannie Mae Eligibility requirements will apply ( such as appraisal, insurance, and title), and A copy of the recipe/sales agreement will be required. If the solar panels are leased or owned by a third party the following will be required:
A copy of the Power Purchase Agreement (PPA) is required, and MUST comply with the following: The solar panels may not be included in the appraised value of the property. The property must maintain access to an alternate source of electric power that meets community standards. The monthly lease payment must be included in the Debt-To-Income (DTI) Ratio calculation unless the lease is structured to :Provide delivery of the specific amount of energy at ... more

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