- (a) Loans must be fully amortized over a period of up to 10 years.
- (b) The maximum loan amount is $10,000. The minimum loan amount is $1,000.
- (c) The interest rate is set by the Agency and will be updated and published on the Agency’s web site (www.phfa.org).
- (d) The mortgage for the R&R Energy loan is recorded as a lien against the property.
- (e) All property owners shall sign the mortgage.
- (f) Each note shall be executed by the homeowners responsible for the debt.
- (g) In accordance with the provisions of the note, loans must be paid in full upon the sale or transfer of any borrower’s interest in the property, but not earlier than 6 months from loan closing.
- (h) Loans may not be assumed by third parties.
- (i) There are no penalties in the event of an early payoff.
- (j) Borrowers will be charged a satisfaction recording fee, when they pay off their R & R Energy loan.
- (k) The mortgage and note shall be executed on the forms provided or approved by the Agency.