How To Pay Off Ygrene Loan – Tips In Finding The Best Company

FAQ about Ygrene

What is Ygrene financing?

Ygrene financing provides 100% no money down financing to help property owners make energy efficiency, renewable energy, water conservation, and storm protection improvements to residential, multifamily, commercial and agricultural buildings. Ygrene is a provider of Property Assessed Clean Energy (PACE) financing. See below for more specific details on PACE.
Eligibility for Ygrene is based primarily on home equity and, in the state of California, your ability to pay, among other factors. No minimum credit score is required for approval — your credit will only be pulled to verify certain underwriting criteria. Payments can be spread out up to 30 years with no payments for up to a year or more1, subject to underwriting guidelines, approvals and date of funding.
Depending on where you live, PACE financing can be used for improvements on commercial, residential, nonprofit, light industrial and agricultural properties. PACE helps communities at all levels by lowering utility bills for property owners, creating green jobs and helping local governments achieve important environmental goals.

What is PACE financing?

Ygrene’s award-winning PACE program, with built-in consumer protections, delivers greater choice for home and business owners by providing accessible and affordable financing for energy efficiency, resiliency, renewable energy, water conservation, storm protection and seismic upgrades. (Qualifying upgrades vary by state. Explore qualifying projects by state here.)
PACE is different from many other financing options because the financing acts as an assessment on the property, which is why eligibility is based primarily on property equity and what you can afford based on your debt-to-income ratio, instead of your credit score. The financing is tied to the property instead of the individual, and is repaid over the financing term through your property taxes.
To date, PACE has been successfully used by over 220,000 residential and commercial property owners to improve their property’s energy efficiency, lower utility bills, protect from hurricanes, and reduce their carbon footprint. By providing over $1 billion of private capital to more than 550 local communities, Ygrene has created thousands of jobs and invested millions into local economies across the U.S.

How are approvals for Ygrene financing determined?

Approval criteria varies by state, but are primarily based on the existing equity in your property and your ability to repay the financing according to terms set forth in the agreement.
Specific criteria required for approval include:
Property taxes current for at least the past 3 years
Mortgage payments must be current
All owners on property title are on the application
No reverse mortgage
No mobile homes
A minimum of 10% equity in your property
No involuntary liens on the property in question
No current bankruptcy
In the state of California, there are additional requirements, including:
Verification of mortgage payment history may be required, depending on the district the property is located in
No bankruptcy filed within the last four years
Income verification — the property cannot have liens in excess of $1,000

What credit score do I need to qualify?

No minimum credit score is required to qualify. A credit pull is still necessary to check for bankruptcies and mortgage history, but your actual credit rating will not affect the final approval decision.

Why is credit pulled even if there is no minimum credit score required?

Part of our underwriting criteria requires that we check for bankruptcies and mortgage payment history, which are most easily accessible through your credit report.

Is Ygrene PACE financing a loan?

No, PACE is not a loan. Although you may have heard of PACE referred to this way, the term “PACE loan” is actually a misnomer. Unlike loans or revolving lines of credit, PACE is a property assessment. This means that the financing is affixed to your property instead of your personal credit history. It’s also why approval for PACE is primarily based on the equity in your property, as well as your debt payment history, and in the state of California, your ability to repay the financing.2 (Property eligibility for PACE financing varies by state, so requirements may vary.) Repayment is completed through your property tax bill, usually on an annual basis, over the lifetime of your financing agreement.

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