Freddie Mac Leased Solar Panels

Freddie mac purchases mortgages secured by properties with solar panels. Its guidelines are being updated to allow underwriters to exclude solar panel lease payments from applicants debt to income ratios. Solar panels properties with leased or borrower owned solar panels are eligible as long as all fhlmc requirements are met.

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Solar panels are an eligible improvement for greenchoice mortgages.

Freddie mac leased solar panels.

The solar panels may not be included in the appraised value of the property. Through our greenchoice mortgage offering we are committed to facilitate the financing of energy efficient home improvements and energy efficient homes helping more families attain and. If the solar panels are leased from or owned by a third party under a power purchase agreement or other similar arrangement the following requirements apply whether to the original agreement or as subsequently amended. Freddie mac believes that reducing home utility costs places families in a better financial situation and helps preserve home affordability over time.

Solar panels get special treatment starting in march 2017 freddie mac mortgage guidelines will be kinder to homes with solar panels whether owned by the borrower or leased from a third party. To learn more start with our requirements for properties with solar panels in guide section 5601 2. Establish property eligibility requirements for mortgages secured by properties with solar panels owned by the borrower. The new user friendly seller servicer guide will make it significantly easier for you and your team to find understand and share critical information.

If there is a lease for the panels all pertinent documentation must be reviewed to make sure these is nothing that can impair freddie mac s first lien position per 22 3 of the guide. Establish property eligibility requirements for mortgages secured by properties with solar panels that are owned by a third party and subject to a lease agreement power purchase agreement ppa or similar type of agreement.