How luck are you?! You’ve been pre-approved for your first home purchase, you find the perfect home, and it even has solar panels! Great news right? Maybe not. There’s a dark side of solar panels for home buyers that you might not be away of.
Lenders these days are avoiding risk at all cost. One way they do this is by making sure they account for every debt you have. Now when they see solar panels on a property, they want to know if there is any debt obligation associated with it. This is because most folks lease or borrow to purchase solar panels. Of course when that’s the case the payment associated with it can be a few hundred dollars, depending on the size and type of system. If that’s true your lender will likely want you to add that payment to your qualification calculations. If you are buying near the top of your purchase power this could make the home unaffordable for you.
Keeping this in mind while you shop for a home will help avoid the bad experience of paying more for a home than you thought you would or missing out on a home you get excited about.
Actually, there is one way to avoid this. Did you know that you can potentially add solar panels to your home, finance it through the lender, all at no increased qualification? If you’d like to learn more about this unique program, click here and I’ll send you a flyer with some of the details.
Bad Purchase Surprise Avoider