@realestate/types/RESODataDictionaryV1_7/CurrentFinancing.d.ts

Types for real estate

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 *
 * This software product includes software or other works developed by RESO,
 * subject to the RESO End User License published at www.reso.org.
 *
 * Any modifications, derivative works, or redistributions of this source must
 * maintain this copyright notice. See the RESO EULA for more information.
 */

export enum CurrentFinancing {
  /**
   * {@link https://ddwiki.reso.org/display/DDW17/Assumable}
   *
   * The financing currently in place may be assumed.
   */
  Assumable = 'Assumable',

  /**
   * The purchase of a property involves an agreement to perform services, provide product, share of income,
   * or some other agreement as the method of payment for the property.
   */
  Contract = 'Contract',

  /**
   * The buyer is using conventional financing to purchase the home.
   */
  Conventional = 'Conventional',

  /**
   * A loan from an approved provider that follows the guidelines of, and is insured by, the Federal Housing
   * Administration.
   */
  FHA = 'FHA',

  /**
   * The basic home mortgage loan from an approved provider that follows the guidelines of, and is insured by,
   * the Federal Housing Administration.
   */
  FHA203b = 'FHA203b',

  /**
   * A loan, for the rehabilitation and repair of single family residence, from an approved provider that
   * follows the guidelines of, and is insured by, the Federal Housing Administration.
   */
  FHA203k = 'FHA203k',

  /**
   * {@link https://ddwiki.reso.org/display/DDW17/Leased+Renewables}
   *
   * Definition: Renewable system (i.e., solar or wind) belonging to a third-party is installed on a
   * customer’s property at little or no cost to the property owner. Property owner has entered an agreement
   * to pay for the lease of the equipment. Structure: Fee model is based on equipment to generate power, not
   * power itself. Transfer: If requirements are met it may be possible to transfer lease from home seller to
   * buyer with the approval of the system owner. If being transferred, see Fannie Mae guidelines for more
   * info: since lease is for equipment it must be included in the buyers DTI calculation. If a buyer cannot
   * or will not adopt a lease, then the seller is required to pay the remaining contract amount in full and
   * the system would be removed.Real or Personal Property: Renewable system is typically considered personal
   * property. All tax credits as well as maintenance responsibilities, etc. belong to the third-party owner.
   * Some leases require the homeowner to pay the personal property tax. Terms: Lease should provide items
   * homeowner is responsible for paying. In a solar lease model, a customer will sign a contract with an
   * installer/developer and pay for the solar energy equipment over a period of years or decades. Solar
   * leases can be structured so customers pay no up-front costs, some up-front costs (partially prepaid) or
   * can be fully prepaid (the leasing company is then able to depreciate the equipment over time and offers a
   * lower fee for pre-paid leases). The homeowner may have the option to purchase the system during or at
   * the end of the lease term (most leases are for 20-year terms) at its fair market value or terms set in
   * the original lease contract.
   */
  LeasedRenewables = 'LeasedRenewables',

  /**
   * {@link https://ddwiki.reso.org/display/DDW17/None}
   *
   * The is no current financing on the property.
   */
  None = 'None',

  /**
   * The current owner is using another form of financing that is not included in the options provided in this
   * list.
   */
  Other = 'Other',

  /**
   * {@link https://ddwiki.reso.org/display/DDW17/Power+Purchase+Agreement}
   *
   * Definition: Renewable system belonging to a third-party is installed on a customer’s property at little
   * or no up-front cost to the property owner. Property owner is in an agreement to buy all the power
   * generated at a fixed rate whether it is actually used or not. This is typically lower than the local
   * utility rate. Structure: Fee model is based on power, not equipment to generate it. Transfer: A PPA may
   * be transferred to a homebuyer with approval from the system owner. If a buyer will not adopt a PPA, then
   * the seller is required to pay the remaining contract amount in full and the system would be removed. If
   * being transferred, see Fannie Mae guidelines for more info: portion of the purchase towards equipment
   * must be included in the buyers DTI calculation. Real or Personal Property: Renewable system is typically
   * considered personal property. All tax credits as well as maintenance responsibilities, etc. belong to
   * the third-party owner. Terms: The customer agrees to purchase all energy produced by the system. At the
   * end of the PPA contract term (usually between 10-25 years), property owners can extend the contract and
   * even buy the solar energy system from the developer based on terms in the contract.Additional info on
   * SEIA.org.
   */
  PowerPurchaseAgreement = 'PowerPurchaseAgreement',

  /**
   * Financing is provided by a private party.
   */
  Private = 'Private',

  /**
   * {@link https://ddwiki.reso.org/display/DDW17/Property-Assessed+Clean+Energy}
   *
   * Definition: Property-assessed clean energy (PACE) is a financing tool for property owners to fund energy
   * or water efficiency or renewable energy installations. Structure: PACE is a secured loan that attaches to
   * the property as a voluntary assessment on the property taxes. To be eligible for a PACE loan, the
   * building must be located in a local jurisdiction where the City or County has passed a resolution to
   * participate in a PACE program. PACE financing is often a public-private partnership between a private
   * finance company and a public agency.Transfer? The loan may be transferred to the new owner upon sale of
   * the property with the approval of the system owner. Real or Personal Property? If seller owns and not a
   * third-party, then renewable system is typically considered real property and tax credits and maintenance
   * requirements, etc. belong to the property owner. Terms: Loan terms can vary between 5 and 30 years.
   * Some programs also allow PACE to finance solar leases and power purchase agreements (PPAs). Due to the
   * complexities of PACE financing, NAR and states like California have provided statements which are worth
   * further consideration. NAR - http://www.realtor.org/articles/administration-issues-pace-guidance; CAR -
   * http://www.car.org/newsstand/newsreleases/2015releases/fhapacelien
   */
  PropertyAssessedCleanEnergy = 'PropertyAssessedCleanEnergy',

  /**
   * Financing where title of the property is placed with a trustee who secures payment of the loan for a
   * beneficiary.
   */
  TrustDeed = 'TrustDeed',

  /**
   * A loan from an approved provider that follows the guidelines of, and is insured by, the US Department of
   * Agriculture.
   */
  USDA = 'USDA',

  /**
   * A loan from an approved provider that follows the guidelines of, and is insured by, the US Department of
   * Veteran's Affairs.
   */
  VA = 'VA',
}