grene is a city program providing a special financing for energy efficiency and hurrcaine protection upgrades. Ygrene does not consider your credit score or income to get you approved. All they care about is 1) Equity in the property and 2) good payment history.
Ygrene has unique benefits not found on traditional home remodeling loans:
- - Loan does not show on your credit score to affect your credit.
- - Loan can be transfered to the next property owner.
- - Payments are tax deductable (* disclose: you are not a tax advisor. This depends on your unique tax situation)
- - Dont have to use up the equity in your home.
- - Dont have to use predatory credit cards or banks with high interest rates.
- - Current on the morthgage.
- - No banckrupcy
- - Property taxes paid on time last 3yrs.
Ygrene provides 4 diferent programs: 5, 10, 15, 20 yrs with interests varying from 5% to 7.5%.
As the administrator of the PACE program, Ygrene will place a tax assesment against the property. If you currently pay your taxes through an escrow account, then this is how you will pay this back(through your mortgage company). If your home is paid off(no mortgage)then you will make only one payment a year as you would when you pay your property taxes normally. Its that easy!