Introducing WES:

1
Introducing WES

• A Look at the Wyoming Energy Savers Program

August 26 27, 2008 Casper, Wyoming
2
WCDAs Wyoming Energy Savers Program

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

3
How can the funds be used?

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

4
Who is eligible?

• Homeowners with a total annual household income
  at or below 80 of HUDs area median income
  (48,550 for a family of 4 in Casper)
• Must own home in fee simple title (OE report)
• Must be on a permanent foundation
• No Credit requirements
• Mortgage payments
• must be current,
• 2nd position
• No Loan to Value

5
How do the Borrowers know what their house needs?

• An energy audit is a great place to start and the
  cost can be included in the loan
• 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
Required Documents
7
What is process?

• Borrower applies to Lender, gets bids
• use WES Application
• Lender makes sure home is owned by Borrower and
  the Borrower is income eligible
• Manufactured home ok
  if on permanent
  foundation
• and considered as
  real estate

8
Process

• Lender gathers paperwork and final bids to
  determine loan amount (closing costs can be
  included)
• Lender and Borrower
• determine loan type

9
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

10
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
  transferred or fails
  to be Borrowers
  principle residence

11
Process

• Lender makes sure taxes and homeowners insurance
  are paid and current on mortgage, if any
• Lender reserves funds on LOL
• Lender issues
  commitment letter
  to Borrower

12
Loan Closing

• Borrower signs closing papers
• Borrower has work done
• Lender makes sure work is complete, involve the
  Borrower
• Lender collects lien
  releases and signed Contractor
  Certification

13
Loan Closing

• Lender disburses funds upon completion to the
  Contractor(s) (not the Borrower)
• Lender records
• Mortgage
• Assign Mortgage to
• WCDA and record
• assignment

14
Loan Closing

• Lender retains 400 Loan Origination Fee
• After checklist is complete Lender submits file
  with all required documents to WCDA
• File is reviewed for
  purchase just like
  the single family
  program

15
Frequently Asked Questions !

• What about new windows?
• Can you approve a mobile home?
• What about a new roof siding?
• Can I have a secondary wood stove?
• Is a hot water heater ok?
• How about lights?
• The answer is NO!

16
Questions??

• Cheryl Gillum
• Jennifer Crawford
• Wyoming Community Development Authority
• 155 North Beech Street
• Casper, WY 82601
• 307-265-0603
• gillum_at_wyomingcda.com
• jcrawford_at_wyomingcda.com