Introducing WES:

1
Introducing WES

• A Look at the Wyoming Energy Savers Program

August 20, 2008 Casper, Wyoming
2
WCDAs Wyoming Energy Savers Program

• A home improvement loan
• Addressing cost effective
• energy efficient home
• improvements

3
Who is eligible?

• Homeowners with a total annual household income
  at or below 80 of HUDs area median income
• Must own home in fee simple title (OE report)
• No Credit requirements
• Mortgage payments
• must be current,
• 2nd position
• No Loan to Value

4
How can the funds be used?

• Furnace or heater replacement
• Ceiling insulation
• Caulking or weather stripping
• Exterior storm windows
• Exterior doors
• Programmable thermostats
• Repairs necessary
• to accomplish above

5
How do I know what my house needs?

• An energy audit is a great place to start
• Learn what products are available and what the
  differences are
• 80 Efficient Furnace vs.
  90 Efficient Furnace
• How much insulation
  is in the attic
• Are the doors properly
  sealed

6
What is process?

• Borrower applies to Lender, gets bids
• Lender gathers paper work and final bids to
  determine loan amount (closing costs can be
  included)
• Lender and Borrower
• determine loan type

7
Process

• Loan Type - (amortized vs. deferred. Only
  households earning 50 of median income or less
  qualify for a deferred loan)
• Anyone can choose an
• amortized loan

8
Process

• Amortized loan is 4 for 1 to 96 months
• Deferred loan is deferred at 3 for 30 years or
  until home is sold, title is
  transfer or fails to be
  principle
  residence

9
Process

• Lender makes sure home is owned by borrower and
  the borrower is income eligible
• Manufactured homes ok if on permanent foundation
• and considered as
• real estate

10
Process

• Lender makes sure taxes and homeowners insurance
  are paid and current on mortgage, if any
• Lender issues commitment letter to
  Borrower
• Borrower has
  work done

11
Loan Closing

• Lender makes sure work is complete
• Lender collects lien releases and signed
  Contractor Certification
• Borrower signs closing papers

12
Loan Closing

• Lender disburses funds upon completion to the
  Contractor(s) (not the homeowner)
• Lender makes sure
• Mortgage is recorded
• Assign Mortgage to
• WCDA and record
• assignment

13
Loan Closing

• Lender retains 400 Loan Origination Fee
• After work is complete Lender submits file with
  all required documents to WCDA

14
Frequently Asked Questions !

• Can I put in new windows?
• Can you do work on a mobile home?
• What about new roof siding?
• Is a water heater ok?
• How about lights?
• The answer is NO!

15
Questions??

• Jennifer Crawford
• Wyoming Community Development Authority
• 155 North Beech Street
• Casper, WY 82601
• 307-265-0603
• jcrawford_at_wyomingcda.com
• Presentation available at
• www.wyomingcda.com