Effective for FHA Case Numbers assigned on and after January 6, 2018, properties encumbered with Property Assessed Clean Energy (PACE) obligations will no longer be eligible for FHA-insured financing.
PACE loans are made through government-sponsored programs to finance energy efficient upgrades and installations and where repayment is made through special tax-like property assessments.
Below is a summary of the underwriting changes made for purchase and refinance transactions to ensure outstanding PACE obligations are paid off and closed.
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Government Agency Approval | FHA Non-Supervised Mortgage Approval #: 24751-0000-5 | VA Automatic Lender Approval #: 902324-00-00