Getting Financing for Your HVAC Projects

Let’s face it, replacing your air conditioner and heater or getting a major repair can be a huge expense. Few people have the several thousand dollars it costs to completely replace your central heating and cooling system when it breaks down or gives out, leading to serious financial stress. However, you shouldn’t have to drain your savings or blow out your budget just to make sure you continue to stay cool in summer and warm in winter. Instead, if you’re struggling financially, you may be able to take advantage of a financing option that lets you pay the amount over a longer period of time, eliminating the stressful part of paying for your system!

Here are a few financing options available to you:

FHA Power Saver Loan Program

The Federal Housing Administration offers financing options for homeowners who wish to make energy efficiency upgrades to their property. Single-family homes can borrow up to $25,000 at reduced interest rates through the federal government, and you even have the ability to be flexible in your payment plan, prolonging the life of the loan for as long as 20 years to keep payments down.

In order to qualify, you must have a minimum credit score of 660, have a maximum total debt-to-income ratio of 45%, and the structure you’re improving must be your primary residence. Furthermore, if you borrow more than $7,500, you must insure the loan with a lien against your home.

Furthermore, the type of upgrades you’re making to your home must be eligible to receive these loans. Insulation, air sealing, door and window replacements, and solar panels all qualify in addition to heating and air conditioning upgrades. Generally, the systems that qualify for FHA assistance are ENERGY STAR certified options, so bear that in mind when making your decision as to which system you choose to replace your old, outdated heating and cooling solution.

Mortgage Programs

There are some federally-backed second-mortgage programs that allow you to dip into the equity you have gained on your home in order to pay for select upgrades, including your heating and air conditioning system. There are programs like the Energy-Efficient Mortgage program, the HUD Energy Efficient Mortgage program, and even Power Saver mortgage programs that can all be utilized to get the financing for the upgrade you need. However, bear in mind that you are backing these loans with ownership in your home, so make sure you know what you’re doing before you sign on with any deals.

Private Financing

You also can have the improvements you make financed by a private institution, such as a bank or other lending company. Here at Nu-Air Heating & Cooling, LLC, we are proud to offer several financing options through Wells Fargo home improvement programs. These loans feature flexibility, including no payments and no interest for a limited period, zero-interest programs, and even reduced-interest programs for major repairs so you don’t have to worry about paying extensive amounts of interest that jacks up the total cost of your replacement even higher.

To learn more about our great financing options, speak with the team at Nu-Air Heating & Cooling, LLC today by dialing (985) 288-2445!

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