FHA Title 1 financing

Discussion in 'Tax Credits, Rebates and Incentives' started by greewing, Apr 26, 2011.

  1. greewing

    greewing New Member

    It appears as though the FHA is prepared to promote low interest loans to home owners doing geothermal AC, and guarantees 90% of the loan.

    I have been trying to find loan institutions (i.e. banks) who work with this program, but when I inquire I just get a blank stare. According to the FHA, Bank of America is one of the institutions processing these loans, but my branch knows nothing about them.

    The loans are supposed to charge 5 to 7% interest and have a maximum time of 20 yrs or more. Some legislation to this effect was passed in November of 2010. The maximum amount of the loan is supposed to be $25,000.

    My question is: has anyone had any experience with this, and if so, can you tell us about it?

  2. geome

    geome Member Forum Leader

Share This Page