No, FEC will not loan to residences that are located on leased or rented land.
As listed owner of a property, you have an interest in that property. FEC requires all persons who have an interest in the property to sign the participation application and loan agreement for the same reasons spouses are required to sign: 1) to ensure that all property owners are informed; 2) to ensure that the […]
FEC’s loan fund is a “fixed” pool of money. Because these loans are low-interest, each time there is loss due to default, bankruptcy, or foreclosure, that “fixed” pool is reduced by that amount. To ensure continued viability of the loan pool, FEC requires that spouses sign the participation application and loan agreement. By signing, it […]
Yes. FEC will only loan money to the property owner(s) of record, unless you are the legally designated agent for the homeowner (i.e. Trusts, Wills, and Power of Attorney). In that case, you will be required to provide legal documentation to substantiate the designation.
Yes, bids have an expiration date and will require re-submittal once expired. In addition, delays of longer than 60 days may require a new credit check which could result based on new credit scores of changed eligibility.
FEC uses a comprehensive decision matrix that takes into account the amount of the loan, your FEC Credit Rating, credit bureau scores, and the number of liens outstanding on the property. Eligibility Criteria The project qualifies for a rebate. Owner(s) account is current. No past due balances or outstanding payment arrangements. Owner(s) FEC Credit Rating. […]