Smart-E Loan Program: Streamlined Financing for Home Improvements
Discover the Smart-E Loan program offering streamlined financing for home improvements. Participating lenders have minimum FICO score requirements and maximum debt-to-income ratios. Contractor payments are made via ACH or check, with various partner options available. Explore the latest summer special offer with discounted interest rates on qualifying technologies. The Smart-E Path Forward focuses on platform optimization, enhanced communication with lenders and contractors, contractor engagement, feedback outreach, and platform training.
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Presentation Transcript
Participating Lenders Lender Homeowner Qualifications 580 FICO minimum 50% debt-to-income (DTI) maximum DTI waived for FICO 680+ How will the contractor get paid? ACH (direct deposit), or Check to contractor Capital for Change Nutmeg State Financial Credit Union G:\Graphic Files\Smart-E\Collateral\Partner Logos\ESBlogo.jpg G:\Graphic Files\Smart-E\Collateral\Partner Logos\Union Savings Bank logo.jpg C:\Users\MPriest.CII.001\AppData\Local\Microsoft\Windows\Temporary Internet Files\Content.Outlook\6WHYAA5S\Nutmeg Logo STACKED.jpg G:\Graphic Files\Smart-E\Collateral\Partner Logos\Thomaston Logo.jpg CorePlus Credit Union Mutual Security Credit Union Eastern CT Savings Bank 580 FICO minimum 50% debt-to-income (DTI) maximum DTI waived for FICO 680+ Check to contractor Ion Bank Patriot Bank Thomaston Savings Bank Union Savings Bank 640 FICO minimum 45% debt-to-income (DTI) maximum Two-party check made payable to homeowner and contractor, released to homeowner Note: lenders makes all final underwriting decisions 3
Summer Special Offer Results Special Offer Details Special Offer Results Discounted interest Rate on 5, 7 and 10 year terms down to 2.99% (1.99% for LMI borrowers) Qualifying technologies include heat pumps, EV chargers, solar hot water, battery storage (up to $25,000) Requires HES review 261 projects generated $5,643,500 total financed amount Majority of projects were heat pumps
Smart-E Path Forward Focus on streamlining and optimization of Smart-E Platform automation Enhanced lender and contractor communication Continued contractor engagement Feedback outreach Contractor platform training
