Home Improvement Loan Option
Title I Home Improvement Loan Option Covers Solar Installations for Single Family Homeowners
Are you ready to install a solar system, but faced with the challenge of paying for it? Have you considered a home loan? While traditional home loans and second mortgages can be more difficult to get these days, Black Platinum Solar & Electric is pleased to tell you about an option you might not know about: a Title I Home Improvement Loan.
A Title I loan is secured through HUD, which insures approved private lenders (select banks, mortgage companies, savings and loan associations and credit unions). These loans are set aside for repair, alterations and site improvements on single family homes, multifamily structures and manufactured houses (pre-fabricated, modular homes and trailers designed for year-round living). And best of all, solar installations qualify as site improvements on single family homes. As a home owner, you may qualify for up to $25,000 with flexible terms (5, 7 10 or 20 years) and no compounding interest.
Benefits of a Title I Home Improvement Loan
If financing your PV system out of pocket is out of the question, a home improvement loan may be a good alternative for you. Above all, a home improvement loan will give you most of the the advantages of a self-financed solar installation. Unlike a lease, as the property owner you own the PV system, receive any incentive rebates from your utility company and can take the state and federal tax credits. A real plus. Here are a few of the other benefits:
- No equity or appraisal necessary
- Both secured and unsecured loans available
- Flexible terms (5, 7, 10, 15, or 20 years)
- Fast pre-qualification process, typically in 24-48 hours
- 100 percent up-front funding
- Low, fixed rates based on current market rates in your area
- Tax-deductible interest (be sure to consult your tax adviser)
- No pre-payment penalties
Black Platinum Solar Can Connect You With an Approved Bank
If this financing option interests you, Black Platinum Solar is pleased to be able to refer you to a qualified lender. We did our due diligence on this and, in fact, had to get our company approved first. Based on our insurance binder, licenses, background and work history, Admirals Bank in Rhode Island has authorized us to refer our clients directly to the bank. And to make your job easy, contact us and we’ll send you:
- The name and contact information of our account executive at Admirals Bank
- A program overview
- Rate information on both secured and unsecured home improvement loans
- A home loan worksheet
- Information Disclosure Authorization form
Ready to Get Started?
Call Black Platinum Solar today at 623-434-3340 for a free estimate on a PV system. Ask us for the Admirals Bank loan documents, and we’ll send everything you need to apply.
Looking for solar installers in Scottsdale or Phoenix? Black Platinum Solar & Electric custom designs and installs residential photovoltaic systems. We handle everything required to install and activate your PV system. Black Platinum is a certified installer of Enphase Energy microinverter systems and an Arizona Public Service Qualified Solar Installer (QSI).