On January 1st of 2023, the Pace Program in Florida was extended to every homeowner in Florida with equity in their home. Prior to January 1, 2023, Pace Benefits could be found in pockets around the state but not everyone was eligible.
So what is the PACE Program for Florida Homes?
PACE stands for Property Assessed Clean Energy. PACE is a program that runs through the state and is implemented by the individual counties’ tax collector’s offices that you can utilize to make improvements to your home that carry energy usage benefits. Solar, Roofing and HVAC are among the many items covered in a PACE loan. The loan is assessed into your property taxes. Your mortgage company escrows the money, thus increasing your mortgage payment by your monthly investment amount in the PACE Program.
Terms of the loans vary and can go all the way up 30 years if the product being installed lasts that long. You can buy down the interest rate. So, if you are shopping for a payment know we have methods to get you to that payment. If it is something, you intend to pay it off sooner than later we recommend not buying down the interest rate and taking on additional money into the loan. The program is extremely flexible in finding a solution for your investment in your home. The range of options for repayment are numerous. Our trained representatives can go over these options in your home or in our office.
What is the Main Benefit of Using Pace Financing for Florida Home Improvement Projects?
One of the big benefits of using a PACE loan is that credit is not considered in the decision. They do use a soft pull to verify you are who you are, but the actual credit score does not impact the decision.
If you have paid your property taxes on time for the last three years, not in bankruptcy (you are eligible the moment your bankruptcy discharges), Your house has not been for sale on the MLS for at least 12 months and your debt to income is not to a point where you will not be able to afford these payments you will be eligible to proceed into the PACE program.
Even if you have good credit, there are more benefits to the PACE program:
- It is not reported to your credit bureau and will not hamper your ability to get other loans
- It does not affect your debt-to-income ratio
- The rates and payments are competitive with many other loan programs in the industry
- The convenience of having your payments escrowed into your mortgage payment
- The period in which the loan enters your property taxes and mortgage can give you an extended amount of time that you are not making payments
- Sometimes, you can go up to 18 months before your first payment is due.
Using the Pace Program to Finance Your Home Remodeling Project with JTO Roofing and Solar
At JTO Roofing and Solar we use Home Run for all our PACE programs. At the bottom of this blog is a link to see how you may be eligible to invest in a home improvement project with us for roofing or solar. If you have been putting off getting a roof that has damage from weather because you did not have the deductible or credit to finance the deductible, we can use the PACE program to cover that deductible and then break that into easily affordable payments for you to repay into the program.
All our reps have been trained on the PACE program and can assist you to the best option for you and your family.
Here is the link we promised:
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