Guild Mortgage Launches FHA Solar Program for Next-Gen Home Buyers

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Independent mortage lender Guild Mortgage has announced FHA Solar, a new program that will allow home buyers to include solar panels in their mortgage loan amount.

Available to residents in California, Guild’s FHA Solar program provides home buyers with the flexibility and convenience of combining the financing for their home and solar panels into one single transaction, the lender explains. Another benefit of the program is that home buyers can purchase panels at lower costs than alternative programs, Guild claims.

Guild’s FHA Solar program adheres to Federal Housing Administration loan requirements and offers down payment options as low as 3.5%. The down payment is based on the purchase of the home before the panels are added into the cost of the mortgage.

“This program will give more options to home buyers looking for solar because it gives them the flexibility to purchase panels and add them to any home they choose,” says Mary Ann McGarry, Guild’s president and CEO. “FHA Solar is ideal for individuals who are looking to buy a home that they plan to live in for several years and realize the return on their investment. It will also be attractive to customers who want to lower their monthly utility bill and have a greener footprint.”

David Battany, Guild Mortgage’s executive vice president of capital markets, says FHA Solar is a result of the company’s efforts to continue to expand its array of loan options to better serve future home buyers.

“Research shows an increasing number of people are looking for homes with solar installed, and we expect that trend to increase over the next five to 10 years,” he explains. “Few lenders currently offer programs for the purchase of solar panels with a new home. We see this as a great opportunity to serve the next generation of home buyers.”

Notably, the California Energy Commission recently approved a milestone policy to require nearly all new homes built in the state to incorporate solar beginning in January 2020.

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