Efficiency Maine offers loans to complement the Manufactured (Mobile) Home Initiative. To qualify for the Manufactured (Mobile) Home Initiative, prospective customers must first request eligibility verification here, and then receive approval. A general summary of the Manufactured (Mobile) Home Initiative Loans as of today appears below.
Before you continue, have you visited and filled out the necessary forms for the Manufactured (Mobile) Home Initiative? If not, please visit this webpage.✕
When you click the link above, you will need to create an account with the Efficiency Maine Green Bank (if you have not done so already). Once logged in, your customer portal will provide you with instructions to assist in applying for financing.
Contractors who would like to offer Efficiency Maine Home Energy Loans to their customers can find information about getting started here.
A summary of current Home Energy Loan options appears below.
| Building Types | Project must be eligible for the Manufactured (Mobile) Home Initiative |
| Equipment and Upgrades | |
| Contractor Requirements | |
| Customer/Borrower |
| Building Types | Equipment and Upgrades | Contractor Requirements | Customer/Borrower | |||
|---|---|---|---|---|---|---|
| Project must be eligible for the Manufactured (Mobile) Home Initiative | Project must be eligible for the Manufactured (Mobile) Home Initiative | Project must be eligible for the Manufactured (Mobile) Home Initiative | Project must be eligible for the Manufactured (Mobile) Home Initiative | |||
| Manufactured (Mobile) Home Initiative Loan 50–Month 0.00% APR | ||||
| Fees | ||||
| Origination Fee | $500 | |||
| Application Fee | $0 | |||
| Pre-Payment Fee | $0 | |||
| Non-sufficient funds fee (per occurance) | $25 | |||
| Late Payment fee of 5% of amount due or $10, whichever is less | Yes | |||
| Terms & Rates | ||||
| Term Length (months) | 50 | |||
| Annual Percentage Rate (APR). Rates shown are as of today and are subject to change. Rates are fixed and interest is calculated using the simple interest, Actual/360 method. | 0.00% | |||
| The Amortization or Repayment schedule is monthly principal and interest payments. (Hover over “Yes” to see loan example). | Yes | |||
| Loan Amount | ||||
| Maximum Loan Amount | $2,500 | |||
| Minimum Loan Amount | $2,500 | |||
| The maximum loan amount cannot exceed the eligible net project costs (the total cost of the project less the anticipated rebate amount). | Yes | |||
| Maximum Unsecured Consumer Borrowing Amount Depending on their creditworthiness, each residential borrower will have a maximum borrowing capacity from Efficiency Maine Green Bank across all residential programs (“Maximum Unsecured Consumer Borrowing Amount”). | ||||
| Maximum Unsecured Consumer Borrowing Amount (per borrower) when the borrower meets the following criteria: maximum Debt-to-Income Ratio (DTI) of 55% and minimum average FICO score of 620. | $25,000 | |||
| Maximum Unsecured Consumer Borrowing Amount (per borrower) when the borrower meets the following criteria: Maximum Debt-to-Income Ratio (DTI) of 70% and a minimum average FICO score of 580. | $7,500 | |||
| Underwriting Criteria | ||||
| A record of previous delinquency, default, or write-off may result in denial of credit. | Yes | |||
| Collateral Requirements | ||||
| Home Energy Loans are unsecured loans based solely on the borrower’s creditworthiness. No lien or security interest in real property or equipment is required. Efficiency Maine takes a security interest in any Efficiency Maine rebates or incentives payable to the borrower. | Yes | |||
| Funding Requirements | ||||
| All loan documents must be fully executed by the borrower. Unless otherwise expressly stated in writing, in the sole discretion of Efficiency Maine, loan documents must be fully executed within 60 days of submitting the loan application. | Yes | |||
| The project must be performed and installed in accordance with applicable program requirements. | Yes | |||
| Disbursements will be made directly to the Contractor on behalf of the borrower after project completion. | Yes | |||
Contact Information: info@efficiencymaine.com or call (866) 376-2463
To be routed to the proper representative, please clearly indicate that you are inquiring about loans and financing.
Customer/borrower will be required to execute a loan agreement and promissory note with Efficiency Maine. Additional terms and conditions may apply. Efficiency Maine will perform an underwriting review as part of each loan application process. Only one check per loan. Program and incentives subject to change or termination. Incomplete information may delay or disqualify your loan.
Efficiency Maine takes a security interest in any rebates or incentives payable to the borrower from Efficiency Maine. If Efficiency Maine intends to exercise their security interest in a payable Efficiency Maine rebate or incentive, Efficiency Maine will provide notice to the customer and contractor.
In the instance a borrower makes an unscheduled or extra payment that affects the principal of the loan, the original maturity date and payment schedule will be maintained, but the monthly payment amount will be reduced for the remainder of the term.
