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Follow Agency and Government guidelines. I’ve gotten mixed messages on VA loans. Technically solar is considered a utility bill and VA & FHA both indicate that utility bills shouldn’t be calculated in the DTI.
The contract will have a TIL disclosure
The contract will say “you don’t have the option of purchasing the system”. This means it’s not financed
If it’s on the credit report, more than likely it’s financed, but double check with the contract. Also, if there’s a second lien on the home and being reported on title and credit, it could mean that the client pulled financing from a lender, i.e. Credit Union, in order to purchase SOLAR.
By reviewing the contract especially if the solar is financed. 9/10 times the contract itself will have verbiage regarding that state of the solar property and whether it’s considered “real property”. If the solar lien isn’t attached to the home, than it will not need to be subordinated.
Go to the solar company website. The website will have FAQs or more information regarding how the solar property will affect the purchase or refinancing of a home
Call the solar company directly and ask. When the contract is unclear and Title takes too long, I’ve called the solar company and verified directly with them whether they require subordination or not. My experience has been that they don’t want to deal with subordinations.
Directly from the client (rare)
They are recurring clients and I have a good memory
On the credit report. Many times when the solar is financed, it will show on the credit. For example Mosaic Solar. Huge red flag that property has solar
Many times the solar shows up as a mortgage. If the lien isn’t attached to the property, we order a credit supplement to correct the type of liability to installment
From the title report. The UCC/lien will show most of the times on Schedule B. It’s a hit and miss whether the title company actually points it out and therefore imperative that Operation staff review pre-lims.
From the appraisal report. Does appraiser note if it’s outright owned, leased, or financed?
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