Mendocino County: 707.485.5158     |     Sonoma County: 707.579.5158     |     Lake County: 877.485.5158

Financing Options

PG&E Sponsored Program

Anyone who has PG&E utilities is eligible to apply for the PG&E sponsored loan program.  It is not required that BOTH gas and electric be supplied by PG&E, either one is fine.  PG&E has contracted with Golden State Bank to handle the loan application process.

Terms:

·         Up to $50,000

·         15 years

·         Fixed 6.5% Interest

·         Monthly Payments

·         Fixture filing- not recorded as a lien against the property, secured by a fixture

·         No money down, all fees are part of loan

 

Requirements:

·         FICO of 640 or greater

·         Debt-to-income ratio of 45% or lower

·         Verifiable Income

·         Current on mortgage payments

 

CaliforniaFIRST (PACE)

Terms:

·         Up to $200,000, amount based on equity in the property and cannot exceed 15% of property value

·         5-25 years

·         Rates vary from 6.75% to 8.39% depending on length of term

·         Payments are made with property tax payments twice a year

·         Secured by home, there will be a voluntary lien recorded

·         No money down, all fees are part of the loan

·         Loan stays with the property and can be transferred to new owner upon sale

 

Requirements:

·         No minimum FICO score

·         No debt-to-income ratio requirements

·         Income verification may be required for higher loan amounts

·         Current on mortgage payments

·         Current on property taxes

·         No bankruptcy/foreclosure/defaults in last 2 years

 

HERO (PACE)

This is another form of Property Assessed Clean Energy financing, an alternative to CaliforniaFIRST.

Terms:

·         Up to $200,000 (not more than 15% of the property value)

·         5-20 years

·         Rates vary from 6.75% to 8.35% depending on length of term

·         Payments are made with property taxes twice a year

·         Secured by home, there will be a voluntary lien recorded

·         No money down, all fees are part of the loan

·         Loan stays with the property and can be transferred to new owner upon sale

 

Requirements:

·         No minimum FICO score

·         No debt-to-income ratio requirements

·         Income verification may be required for higher loan amounts

·         Current on mortgage payments

·         All mortgage related debt must not exceed 90% of the value of the property

·         Current on property taxes

·         No outstanding involuntary liens

·         Bankruptcy stipulations vary by situation

 

 

EGIA (Unsecured)

There are several programs available through EGIA for unsecured financing.  Each program is different, has different requirements and limits available.  These programs are great for homeowners who do not qualify for one of the others, for whatever reason.