No-Risk ERH Loans Come As Good News To Homeowners And Contractors Need Home Improvements But You Don’t Have The Cash? 
Energy Rated Homes of Alaska has the solution. Improve the comfort of your home with a low interest ERH Loan.
Anyone who has ever undertaken a major remodeling project knows that one of the biggest headaches can be getting approval of financing for items like energy efficient windows. Even when changing out the leakiest single-pane window for the most energy-efficient triple-pane product on the market, replacement costs are so high that few lenders will agree to the financing. Traditional home improvement loans take too long and a second mortgage on the home is often not a desirable option.
These kinds of complaints, from Alaska homeowners who are frustrated with the limited options they have when financing energy efficient improvements, are not new. It wasn’t until fairly recently that energy efficient mortgages, that allow the financing of energy upgrades at the time of sale, were possible. However, Alaskans not going through the mortgage process were still left out in the cold, sometimes literally, when it came to financing options. To address this problem, Energy Rated Homes of Alaska this month announced a new loan program that can be a winning proposition for all participants: consumer, contractor and lender. Available exclusively through ERHA in Alaska, the ERH Loan Program offers unsecured loans of up to $15,000 for a wide range of energy efficient improvements.
Backed by Fannie Mae, the ERH Loan program can be used for heating systems, hot water heaters, windows, efficient appliances, insulation, doors and electric to gas conversions. Loans may be used to pay for a new roof, siding or to help finance an addition to a home.
The advantages this loan offers to the consumer are numerous. Because it is an unsecured loan, approval is not dependent on other liens or current home equity. There are no application fees, points, liens or closing costs. Applications are turned around quickly, without the hassle of getting three bids for the work. Payment is made quickly after improvements are verified. Interest rates are competitive and considerably lower than those charged on most credit card accounts. There also is no penalty for early payment. Although ERHA energy ratings are not required to qualify, any improvement recommended during a rating qualifies for the loan program.
By signing up with ERHA, contractors can offer up to $15,000 in financing to their clients, at no risk to their business. ERHA does all the work, from processing the applications to closing the loans. Since the ERHA program offers non-recourse loans, contractors can offer the financing without fear of being drawn into nonpayment disputes later, Payment is made directly to the contractor once the work has been verified. 
For more information about the ERH Loan Program, call ERHA at (907) 345-4963.
