Program Name
Program Sponsor
Template Update
Program Geography
Website
Program Summary
Eligible Borrowers
Eligible Improvements
Eligible Contractors
Credit Standards
Loan Process
Miscellaneous
ReHome New York
New York Green Bank
11/25/2015
State of New York
rehomenewyork.com
• 7.99% ; 3% dealer fee APR financing for energy efficiency improvements
• Loans from $2500-$20,000
• 5, 7, 10 year terms
• At least 75% of improvements must be qualifying improvements
 Homeowners in New York
 1-2 Unit owner occupied residential dwelling and fee simple
 Primary Residence
 Customer is required to enter Electric Utility Name & Account # and Gas Utility
name & Account # if they are a natural gas customer (they have the option to opt
out)
ENERGY STAR® and other Qualifying Improvements:
Meets or exceeds specifications listed below as verified by 1) energystar.gov 2) AHRI
certificate or 3) Manufacturer product specification documentation.
Refer to detailed improvement list for specific criteria and verification methods
Only Renew Financial Participating Contractors may perform the work.
 640 if salaried or fixed income; 720 if self-employed for less than two (2) years;
680 if self-employed for more than two (2) years
 45% Max Debt to Income Ratio FICO ≤679; 50% Max DTI FICO ≥ 680
 Income documentation is only required if:
o Amount Financed is greater than $4,000 AND,
o FICO score is less than 680
o Otherwise, stated income is acceptable.
 No Bankruptcy, Foreclosure, Repossession in the past 5 Years
 No unpaid collections, judgments or liens > $2500
 Ability to Repay; No Minimum Income Requirement
• Customer applies on-line or by phone& gets pre-qualified
• Customer is required to enter Electric Utility Name & Account # and Gas Utility
name & Account # if they are a natural gas customer (they have the option to opt
out)
• Customer submits income verification and any other required documents for loan
approval
• Contractor submits spec sheet and contractor for approval
• Renew Financial will issue loan approval
• Renew Financial issues loan documents to customer or contractor via mail or
email and advised contractor they can begin work
• Once work has been completed and Renew Financial has all signed loan
documents and has ORIGINAL Truth in Lending (NOTE Disclosure) ; completion
certificate and does verbal confirmation; Renew Financial will fund contractor
upon completion
 Required fields in GoldTrak to Approve: Square Feet, Number Stories (on PSD
screen), Number of Occupants, Year Built, Number of Units
 Mobile Homes
o Must be permanently affixed, tongue and wheels removed on a
foundation. The status with the county tax assessor’s office must be real
property. No loan program restrictions; all normal program criteria apply.
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Condominiums
o No special rules, other than if the equipment being installed is outward
facing and can be seen from the street we need to either get a contractor
or PO to guarantee that the HOA has approved the installation.
Owner Occupancy
o If only one spouse is on the deed, can both be on the loan? Yes As long as
they reside at the property and as long as they have a financial or
emotional interest in the property, we would accept the party not on title
(i.e. married not on title domestic partner, etc).
o If only one of the occupants is on the deed, can the other “non-spousal”
occupant be added as a co-applicant? Yes. See bullet above.
o If both are on the deed but only one is on the mortgage, is it possible to
only have the non-mortgagee on the energy loan as long as the related
mortgage debt is included in the DTI calculation? Yes. As long as all
housing expense (PITI) is calculated as sole applicant’s expense and
applicant qualifies.
Proof of Homeownership
o We do not require copies of on line searches or other documentation
UNLESS the application address does not match the address on the credit
report. If that occurs, we will need to obtain one or all of the following
documentation: on-line property searches, Property Shark report, or
copies of the real estate tax bill, deed, or HUD-1 (recent purchases).
Multiple Loans
o Applicant may have multiple loans for separate projects up to the
maximum loan amount ($20,000) provided they qualify. The payment
from all other unsecured WHEEL loans is to be included in the debt to
income ratio. All normal program criteria apply.