Good morning, Tom Heath with the Heath Team at Nova Home Loans. Today is September 28th. And this is our final update of the month of September, and we’re going to talk about solar panels today.
We all know that the solar panel issue has affected purchase contracts and changed the dynamics of how we negotiate on those properties. It’s also impacting loans. There can be solar panels that are purchased, solar panels that are purchased with a loan. They can be a lease. There can be a power purchase agreement, all kinds of different ways solar panels can end up on a home.
Each Loan program, FHA, VA, USDA,conventional has their own guidelines and in some cases we have to include the payment against their debt to income ratio and some cases we do not. So my recommendation is when you’re requesting a pre-qualification letter, please make sure that your lender knows if there is any solar panels on the property and what that disclosed payment will be, that way we can anticipate the pre-approval a little bit better for you and make sure that we’re not going to get ourselves into a situation where we’ve put a borrower into a home that they cannot qualify for due to the cost of the solar panels.
So just good communication with your loan officer. We should be looking up the MLS listing before sending the pre-qualification letter, but it’s always a good idea to share that information about solar, HOA, anything unique about the taxes just to make sure we’re all on the same page.
If you have any questions head over to TheHeathTeam.com, check out some of our past videos, feel free to drop us a line and let us know what you would like us to talk about on our weekly update. Have a fantastic week and I will talk to you next Monday.
