Residential Financing
COMMUNITY ENERGY CHALLENGE LOAN PROGRAM
Community Energy Challenge for Individuals
The Opportunity Council is partnering with Banner Bank to enable individuals to implement Energy Efficiency Improvements to their homes. The program is supported by grants, enabling Banner Bank to offer special, low interest rate financing.
While the loans are secured by a lien on the borrower home, there is no minimum equity requirement in order to qualify. Applicants simply need reasonable credit, and sufficient income.
Below are examples of the payments associated with several different project sizes:
| Project Cost |
Fees | Interest Rate* |
apr |
loan term |
monthly payment |
|---|---|---|---|---|---|
| $4,000 |
$140 | 1.00% to 3.00% | 2.36% to 4.40% | 60 months | $70.77 to $74.39 |
| $9,000 | $190 | 1.00% to 3.00% | 1.41% to 3.44% | 120 months | $80.51 to $88.74 |
| $20,000 |
$300 | 1.00% to 3.00% | 1.20% to 3.23% | 180 months | $121.49 to $140.19 |
These rates include a 0.25% discount for automatic payment from a Banner Bank checking account, a 4.75% rate buy-down on loan terms up to 180 month loans, through Community Energy Challenge.
Borrowers will be required to pay a $100 loan fee and a 1% fee to Community Energy Challenge. Borrowers will also be required to pay recording costs. Payments do not include mortgage insurance, taxes and insurance. Financing is subject to meeting qualification standards of Banner Bank and the Community Energy Challenge loan program.
*Actual interest rates vary depending upon loan term, and borrower’s credit. Loan program rates are subject to change. Rates are current as of February 1, 2011. The maximum amount that may be approved is $50,000.
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Serving the Northwest with over 80 locations.
www.bannerbank.com
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