Monson Savings to take part in ‘Rebuild’ loan program
MONSON Monson Savings Bank is making zero percent construction loans available to qualified borrowers who are approved under the “ReBuild Western Massachusetts” program. The program, a partnership between the Department of Energy Resources (DOER) and the Massachusetts Clean Energy Center (MassCEC), was created to help homeowners affected by the June 1 tornadoes to rebuild using energy efficient practices and renewable energy technologies.
The construction loans can be customized for a payback period of up to seven years for loans up to $20,000, and up to 15 years for larger loans up to $100,000. This will allow monthly payments to be kept to a reasonable level, so as to allow more homeowners to qualify for the payment. Energy savings from rebuilding a more energy efficient home, and or adding solar power will also help to offset the monthly payments.
To pre-qualify for the zero percent loan, homeowners must:
- Provide documentation that they are rebuilding a home that was damaged by the June 1, 2011 storms.
- Reside in an owner occupied residence.
- Work with a Home Energy Rater (HERS Rater).
- Install qualified energy efficiency measures or rebuild to meet an energy performance target.
- Be approved by Monson Savings Bank with standard underwriting guidelines to ensure that the loan makes sense for the borrower and the terms can be met.
Those interested should call (877) 524-1325 or email firstname.lastname@example.org. Additional information and applications are available at this link: www.mass.gov/eea/energy-utilities-clean-tech/energy-efficiency/rebuild-western-massachusetts.html. People can also call Monson Savings’ Loan Center at 267-4513.
“We are extremely pleased to participate in this program,” Steve Lowell, president of Monson Savings Bank, said. “This effort helps homeowners affected by the tornados to not only rebuild but to do so in a way that will reduce their own energy costs and also help to reduce our collective reliance on imported fossil fuels. It’s a great program every way you look at it.”