HOPER Solar Home Program
The HOPER Solar Home Program (Home Ownership, Promotion, Education, and Research) is a targeted green-energy effort that assists homebuyers in matching affordable finance with sustainable energy. It is currently used in conjunction with a FHA mortgage (using the FHA’s Solar and Wind Energy program lets you achieve a 100% FHA Solar Home Loan), although it is a private research program, not a direct government subsidy. Call today (800) 804-5181 to speak to a HOPER Mortgage Specialist.
- How the Financial Incentives Work: Participants will receive 3.5% cash back (max of $13,000) on their house purchase.
- Flexible Use of Funds: These funds can be used for your down payment, closing costs, an interest rate buydown or even to replenish your cash reserves after closing, unlike traditional down payment assistance programs with strict limits.
- This is taxable income (1099): Most importantly, this is not a grant or loan in the usual sense. Technically you’re getting paid as a participant in a long-term research study on the correlation of renewable energy adoption, financial education, and long-term homeownership success.”
- The Need for Solar Energy In order to obtain the financial aid, you must agree to install solar panels on your new property (typically within 90 days of closing). The cost of the solar system is conveniently included right into your main FHA mortgage. That means you don’t have to go via a costly third-party solar loan or confusing solar lease. You must own the solar panels 100% (no leased panels or Power Purchase Agreements).
- Eligibility and Rules Property Constraints: The program is for single family dwellings and manufactured housing (one unit) Condominiums are completely excluded since you must own and have control over the roof structure to install the solar equipment.
- Credit Score: FHA standard guidelines are more flexible, however most HOPER program lenders want a minimum middle credit score of 620, Where Capital Home Mortgage allows 580 credit score.
- Education Requirements: You will be required to attend a necessary 4-to-8 hour pre-closing homebuyer education course (generally with an out-of-pocket price of about $149) and agree to participate in short post-closing surveys and financial tracking.
- Income & Buyer Type: No income constraints; no first-time homebuyer requirement. Geographic Limitations: This program is available in most of the U.S., but is not available in a select regions.
Switching to solar energy for your home...
Can be an excellent economic and environmental decision, but the process can be confusing. The diagram illustrates precisely how a typical residential solar system operates. The panels convert sunlight to Direct Current (DC) electricity which is sent to an inverter. It is converted to Alternating Current (AC) power by the inverter and supplies power to household appliances. Any surplus power is fed back to your local utility company using a specialized Import/Export meter.
Common Solar Questions...
How much money can I actually save on my electricity bill?
- Most homeowners save 50% to 100% on their monthly electric bills. That depends on your system size, the amount of sun your roof gets, and your utility’s rates. The average American homeowner saves $20,000 to $75,000 over the life of a standard 25-year panel.
Is the value of my home likely to go up with the installation of solar panels?
- Yes. For every $1 you save on your energy bill, you add about $20 to the overall equity of your home, according to the National Renewable Energy Laboratory (NREL). Zillow’s research also indicates that homes with solar panels tend to sell for approximately 4% more than homes without solar panels.Important Caveat: This equity boost only applies if you own the panels (paid for in cash, or financed via a solar/home loan). If you lease the panels or enter into a Power Purchase Agreement (PPA) the equipment is owned by a third party company and does not add value to the property.
Do solar panels work when the power goes out?
- No, not out of the box. If your system is directly tied to the traditional electric grid, it will shut itself down automatically in a blackout. This is a safety feature that is intended to stop your panels exporting power to the grid, which could potentially harm utility workers who are attempting to restore service.You have to install a battery backup storage system to ensure that the major appliances in your home continue to work during a power outage.
What is "Net Mortgaging" or "Net Metering"?
- Net metering is a billing arrangement that compensates you for the surplus power produced by your solar panels. Your panels will typically generate more electricity than your home is using during peak sunlight hours. The surplus power is being put back into the public grid. Your utility meter is literally running backwards. Your utility company then gives you credits that you can use to pull power from the grid at night for free.
What government incentives are available to help offset the cost?
- The most important incentive is the Federal Residential Clean Energy Credit (sometimes called the Section 25D ITC). It enables you to subtract 30% of the total cost of installation directly from your federal taxes. That is a $6,000 tax credit on a $20,000 system. Many states and local municipalities also offer other benefits, such as property tax exemptions on the increased value of the home or direct cash
HOPE 4 Homeownership Program
- Get Pre-Qualified for your FHA Home Loan
- Complete an Online Course
- Receive Your Funds
Who Qualifies for solar Programs...
- Available in Over 40 States Nationwide
- Primary Residence Only
- Condos and Homes with Existing Solar Panels Are Ineligible
- First Time or Non first time homebuyers
Use of Solar "Hoper" Program Funds...
- Savings Account / Cash Reserves
- Pay Realtor Fees
- Rate Buydown / Closing Costs
- Debt Payoff
Solar Program Requirements...
- Complete a 6-8 hour self-paced online financial education course (prior to close).
- Install a solar system after closing that is financed through your home mortgage.
- Enroll in a post-closing financial mentorship course to grow your financial knowledge.
- Respond to periodic surveys and participate in soft credit monitoring
Benefits You Will Love...
- $13000 Cash Incentive
- Utility Savings Shields you from utility price hikes and provides prdictable budgeting.
- Normal FHA rates – Get the same great FHA rate as a traditioal FHA program
- Instant Savings
- Panel Ownership
Why Homeowners Choose Capital Home Mortgage
Close On Time
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Looking to Purchase a Home? We have the loan program for you… Call today to speak with a loan officer to discuss your personal mortgage options.
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va Home Loans
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Proudly Serving Active Duty servicemen and women, as well as, retired and disabled veterans. Call today to speak with a VA loan officer.
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Conventional Home Loans are the best option for flexibility of property types and for mortgage loan terms. Call today to get speak to a loan officer.
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Jumbo Home Loans also called Non Conforming Home Loans are great options for buyers needing financing outside of agency limits. Call today.
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USDA Loans are a great option for families wanting to live outside of the city. Call today to speak with a loan officer to discuss your personal loan options.
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HUD 184 Home Loans are solely for Native American and offer a variety of benefits. Call today to speak with a loan officer to find out more.
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Great Alternative Housing
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Your Home at Work
Reverse Mortgage Loans offer seniors options to use their home’s equity for cash or to eliminate payments. Call today to get speak to a Reverse Loan Officer.
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- Minimum Age 62
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Making Mortgages Possible
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Build Your Dream Home
Want to Build? But unsure of what the future looks like? Remove the risk with a One Time Close Construction Loan. Call today to see how a OTC loan works.
- Primary Residences Only
- One Time Close
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- Traditional Final Mortgages
- No Payments During Construction
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Rate & Term Refinance
Refinancing can be a hard decision and may result in finance charges that may be higher over the life of the loan. Consult with your loan advisor for details.
- Lower Monthly Payment
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- Streamline Options Available
- Appraisal Waivers Allowed
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Cash-Out Mortgage Loans make use of the equity in your home. Refinancing may result in finance charges that may be higher over the life of the loan. Consult with your loan advisor.
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