Frequently Asked Questions (FAQ)
The eligibility standards are lax to make it simple for all homeowners to qualify. There are a few key elements used to determine eligibility:
- No excessive late payments on your mortgage in the last twelve months
- Forbearance plans are a case by case basis
- Combined annual gross income of $42,000
- Bankruptcies must have been discharge no sooner than 2 years before applying
- Debt-to-income ratio must be 50% or better
- FICO score of 500 or better
- Primary borrower must be on the title of the house or be on the Trust
If you are approved through our private financiers, payments typically begin 90 days after project completion. They are all unsecured loans, this does NOT place a lien on your home. They are treated as conventional loans based on your credit scores.
Yes. Our PACE Financing Eligibility Application allows our private lenders to inquire about your credit history and pre-qualify you for financing for your PACE project. However, one of our lenders, for solar related projects, does a soft-credit check that does NOT affect your FICO score.
The impact from applying for credit will vary from person to person based on their unique credit histories. In general, credit inquiries have a minimal impact on your FICO scores. Generally, a credit inquiry will take less than five points off your FICO score. Additionally, the effect on your credit score usually decreases in a matter of months.
PACE Consulting Agency often runs free gifts and services for various projects. These items are always seasonal and for a limited time and at the discretion of each local branch. Please contact your local branch office to see which promotion is being applied.
Currently there is a $1,000 remodeling rebate. We are also offering free blow-in attic with any $5,000 project.
The PACE Program understands that construction projects can become expensive, and knows the need for low monthly payments, that is why we have partnered with investors that offer longer terms. Typically, terms range from 5 to 25 years depending on the type of project.
The PACE Program is not a tax or accounting service nor are our affiliates, below is general description that is found on the IRS website. Please check with your tax professional to verify all information provided.
All tax credits have specific tax forms that must be filled out properly and filled along with your annual taxes to the Internal Revenue Service. Currently, the only eligible tax credit by the federal government that is available is the Solar Tax Credit. The 30% rate is available for systems placed in service through December 31, 2019. The credit drops to 26% through the end of 2020, then 22% through 2021 before dropping to zero by the end of 2021.
Our private lenders can provide interest rates as low as 2.99%. For 20 year terms, interests rates are all generally 5.99% fixed (never increases over time). There are NO pre-payment penalties with any of our loans. We have loan terms of 5, 10, 12, 15, 20 and 25 years. Regardless of the type of project, loan term, or qualifying FICO score, interest does not exceed 9.99%. All payments will start no sooner than 30 days. Qualifying FICO Scores and projects may qualify for 18 months no interests and no payments. All financing options are $0 money down through our approved lenders and are unsecured loans. No liens or assessments.