Why must all owners sign the participation application and loan agreement?

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 […]

Do I have to be the owner of the property?

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.

How does FEC determine approval and qualifying amounts for loans?

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. […]