Frequently Asked Questions

What is the down payment requirement?

It requires a 4% down payment based off the sales price combined with cost of the package they choose. If your home buyers plan on 5% of the sales price it’s an easy way to estimate and they should have money left over. If they put down more than the 5% it just means they will get a better rate and lower mortgage insurance.

Is it two separate loans? 

No it’s one loan. We combine the loan to buy your home and the funds for the solar packages into one loan. 

Can I include other improvements to my homes besides what is included in the package? 

YES -  *as long as it improves the energy efficiency of the home. All have to be approved ahead of Underwriting. 

Does the home I want to buy, have to appraise for more than the sales price they are offering on the home? 

No -  that’s what makes this unique.  We can go above the sales price or appraised value. There are some loan size restrictions

What if i’m only going to be in the home for a year or two? 

Don’t use this program. It’s not a good fit. When you do sell you’ll need to sell for enough money to pay off the whole mortgage. Using conservative historical averages in most markets that 2-3 years. 

Can I get this loan from a different company? 

No -  this is a product specific to PRMI. PRMI  is our parent company. We are an independent Mortgage Banker. We originate, process, underwrite, close, fund, and even service these loans. 

Can I us a different Solar company? 

Case by case. Most solar companies don’t want to give up that margin. There is a list of things that we have to verify before we will consider allowing a solar company to be one of our vendors. We prefer you use one of the ones we recommend. 

Is there mortgage Insurance? 

Yes - if we do a loan amount greater than 80% of the value of the home there will be mortgage Insurance. 

Will I have 2 payments or two liens on my house? 

NO - one loan, one payment, one lien .

Can I use this on a NEW house?

Yes we work with builders or existing homes.

How much can I add without it affecting my payment.

Insider tip: If you take the power payment on a house and divide it by 7 then multiply that by $1,000 it will you a rough estimate on what they can add without it affecting their monthly payment. Example a home with a $210 power payment. $210 / 7 = 30, 30x$1,000 = $30,000 This would give the homebuyer a budget of roughly $30,000 to add Solar + whatever else they wanted to do.