|
Eligible borrowers:
For energy efficiency improvements: eligible borrowers and certain utility customers
Eligible systems:
Energy efficiency upgrades; solar water and space heating systems; PV
Loan Amount
Typically up to $15,500
Terms:
Up to 10 Years
Collateral:
Unsecured
For more Info:
1(800) 732-6643
www.fanniemae.com
Information Provided By:
U.S. Department of Energy
|
|
Fannie Mae
Fannie Mae, formerly known as the Federal National Mortgage Association or FNMA, is a congressionally chartered, shareholder-owned company and the nation's largest source of home mortgage funds. Fannie Mae is willing to buy, bundle, and sell certain energy efficient as well as traditional mortgages on the secondary market. The corporation also provides financing for certain consumer loans involving energy efficiency improvements.
In March 1994, Fannie Mae launched 'Showing America a New Way Home" by pledging to earmark $1 trillion to finance more than 10 million homes for low-income families, minorities, immigrants in cities, and people with special housing needs. As part of this initiative, Fannie Mae is working with utility companies to assist customers by providing a low-cost source of funds that allow homeowners to finance energy efficiency improvements.
Fannie Mae is partnering with utility companies to provide low- interest, unsecured consumer loans to utility customers for the purpose of installing residential energy efficiency improvements. Compared with other unsecured consumer loans, the Residential Energy Efficiency Improvement Loan program provides a below- market interest rate and promotes a bundled approach to efficiency upgrades. Solar water and space heaters as well as photovoltaic power systems (including grid- independent PV systems) are eligible technologies for this loan program.
Under the 'Opening Doors for Every American' campaign, the Fannie Mae Corporation is conducting a national education effort using multilingual media to provide all potential home buyers with the information they need to become homeowners. The corporation also hosts consumer housing fairs in cities nationwide.
Return to: Lending Information
|
