Credit Union Initiatives to Help with Green

The Credit Union offers a Green Second Mortgage loan for home improvements related to energy efficiency. In order to qualify, the home improvement products must have an Energy Star rating or qualify for federal and state tax credits.
Specifications:

• Maximum loan amount of $50,000
• At least 75% of the loan proceeds must be used for energy efficient home improvements
• Maximum term of 120 months (ten years)
• When the loan is subordinate to a mortgage with your Credit Union the current rate for new loans is:
  • 6.25% APR¹ using Payroll Deduction/Funds Transfer repayment
  • 6.75% APR¹ using Direct Pay
• When the loan is subordinate to a mortgage with another lender, the current rate for new loans is:
  • 7.00% APR¹ using Payroll Deduction/Funds Transfer repayment
  • 7.50% APR¹ using Direct Pay
• When the loan is subordinate to a mortgage with your Credit Union the maximum loan to value is 100% of the current appraised value
• When the loan is subordinate to a mortgage with another lender, the maximum loan to value is 90% of the current appraised value
• Home must be primary residence for the borrower
• Property must be in North Carolina or in a county in South Carolina, Georgia and Virginia that adjoins North Carolina
• Life and Disability Insurance available
• No origination or discount points required

At this time, the cost of completing some energy efficient improvements is reduced by the available federal and state tax credits. Some utility companies are also offering rebates for eligible energy efficient improvements. To learn more about eligible tax credits and rebates visit the Database of State Incentives for Renewables & Efficiency and the Energy Star Federal Tax Credits websites. As with any tax credit, consult a tax advisor to determine if this benefit may apply to you.