Financing
There are many options for financing the post-rebate cost of home energy upgrades. Your contractor can help you select the best financing option for your situation.
Unsecured Financing
Unsecured financing is a loan that is not backed by any collateral. Credit cards are the most common examples of unsecured financing. Unsecured financing options typically have higher interest rates than secured financing and are dependent on your FICO score.
| Loan Program | Interest Rate | Payment Term (Years) | Loan Limit | Contact Information for Homeowners |
|---|---|---|---|---|
| San Diego Metropolitan Credit Union (SDMCU) | 5.99% to 9.99% | 5 to 15 | $25,000 |
Jeannette Kelbaugh: 619-278-5714 |
| City of San Diego Home Energy Upgrade Loan (through SDMCU) | 4.99% to 9.99% | 15 | $25,000 |
Jeannette Kelbaugh: 619-278-5714 |
| GeoSmart Long Term | ~27% (option to buy down to 5.99%) | Up to 10 | $25,000 | Contact your Local Contractor |
| GeoSmart Short Term | n/a, same as cash | 3, 6, or 12 months | $25,000 | Contact your Local Contractor |
| Viewtech Financial - Fanny Mae Energy Loan | 13.99% to 15.99% | up to 12 | $20,000 |
Jim McLain: 714-695-9893 |
| Title One | 10.95% | 20 | $7,500 |
For a list of Title I lenders, call 888-827-5605 |
| North Island Credit Union Fix It Loan | 7% to 17.5% | 3 - 10 | $25,000 | 800-848-5654, option 5 |
Secured Financing
Secured financing is a loan in which the borrower pledges some asset as collateral. For example, a residential mortgage loan uses the house it finances as collateral. Secured financing options typically have lower interest rates than unsecured financing.
| Loan Program | Interest Rate | Payment Term (Years) | Loan Limit | Contact Information for Homeowners |
|---|---|---|---|---|
| City of Chula Vista - Home Upgrade, Carbon Downgrade | 0% | 10 | $25,000 | Cory Downs: 619-476-2442 |
| Conventional Cash-Out | ~5% | 30 | $400,000 | Contact your local Bank |
| Energy Efficient Mortgage | ~5.25% | 30 | 5% of appraised value | 888-827-5605 |
| CalVet Home Improvement Loan | Varies | 2 - 25 | $150,000 | 866-653-2504 |
| Navy Federal Credit Union Fixed Rate Equity Loan | 4.24% - 9% | up to 20 | 95% of property value | 888-842-6328 |
| North Island Credit Union Home Equity Line of Credit | 3.25% + 1 % | 20 | 80% of property value | 800-848-5654, option 4 |
| Armed Forces Bank Home Equity LOC | 1 yr fixed 5.49%; variable thereafter | Variable | $250,000 | http://bit.ly/IBwp6p |
| USAA Home Equity Loan | 6.59% to 12.06% | Up to 20 | 80% of home value | 800-531-USAA |
| 203K Renovation Mortgage | 4.25% Varies by lender | 30, 15, 5 |
$35,000 (Streamline K) + $35,000 and up (Full 203K) |
888-827-5605 |
| Title One | 9% | 15 to 20 | $25,000 | 888-827-5605 |
| WJ Bradley PowerSaver | 9.75% | 15 | $25,000 | 866-537-7430 |