§ 31.303. Loan terms and conditions.
(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.
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