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Manufactured (Mobile) Home Initiative Loans

Efficiency Maine offers loans to complement the Manufactured (Mobile) Home Initiative. To qualify for the Manufactured (Mobile) Home Initiative, prospective customers must first request eligibility verification here, and then receive approval. A general summary of the Manufactured (Mobile) Home Initiative Loans as of today appears below.

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Eligibility

Building TypesProject must be eligible for the Manufactured (Mobile) Home Initiative
Equipment and Upgrades
Contractor Requirements
Customer/Borrower
Building TypesEquipment and UpgradesContractor RequirementsCustomer/Borrower
Project must be eligible for the Manufactured (Mobile) Home Initiative Project must be eligible for the Manufactured (Mobile) Home Initiative Project must be eligible for the Manufactured (Mobile) Home Initiative Project must be eligible for the Manufactured (Mobile) Home Initiative

Terms

Fees ($)There are no application or pre-payment fees associated with Manufactured (Mobile) Home Initiative Loans.
Origination Fee: $500.
Late payment fee: 5% of amount due or $10, whichever is less.
Non-sufficient funds fee: $25 per occurrence
Borrowing Amount ($)The maximum loan amount is $2,500 (including fees). The maximum unsecured borrowing amount is $25,000 per borrower. The borrowing amount per loan cannot exceed the eligible project costs. The minimum borrowing amount is $2,500.
Term Length(s)50 Months
Interest Rate(s)0% Annual Percentage Rate (APR). Rates shown are as of TODAY and are subject to change. Rates are fixed and interest is calculated using the simple interest, Actual/360 method.
Amortization or Repayment ScheduleMonthly principal and interest payments. The following example depicts the interest rate (APR), monthly payments, and total payments applicable for a $2,500 loan with a 50-month term and interest rate (APR) of 0%: 50 payments of $50 and total payments of $2,500 over the term. If approved, your loan amount, interest rate, and monthly payment may differ from the example based on the length of term selected, creditworthiness, and other factors. There is no prepayment penalty.
Collateral RequirementsManufactured (Mobile) Home Initiative Loansare unsecured loans based solely on the Borrower’s (and Co-Borrower’s, when applicable) credit worthiness and no lien or security interest in real property or equipment is required. The Borrower may be required to assign or grant to Efficiency Maine a security interest in any applicable program rebate, which would be applied toward payment of the loan principal.
Funding RequirementsIn order for a project to be funded:
  • All loan documents must be fully executed by the Borrower (and Co-Borrower when applicable).
  • The project must be performed and installed in accordance with applicable program requirements.
  • The Financed Amount will be disbursed directly to an RRV on behalf of the Borrower at project completion.
Fees ($)Borrowing Amount ($)Term Length(s)Interest Rate(s)Amortization or Repayment ScheduleCollateral RequirementsFunding Requirements
There are no application or pre-payment fees associated with Manufactured (Mobile) Home Initiative Loans.
Origination Fee: $500.
Late payment fee: 5% of amount due or $10, whichever is less.
Non-sufficient funds fee: $25 per occurrence		The maximum loan amount is $2,500 (including fees). The maximum unsecured borrowing amount is $25,000 per borrower. The borrowing amount per loan cannot exceed the eligible project costs. The minimum borrowing amount is $2,500.50 Months0% Annual Percentage Rate (APR). Rates shown are as of TODAY and are subject to change. Rates are fixed and interest is calculated using the simple interest, Actual/360 method.Monthly principal and interest payments. The following example depicts the interest rate (APR), monthly payments, and total payments applicable for a $2,500 loan with a 50-month term and interest rate (APR) of 0%: 50 payments of $50 and total payments of $2,500 over the term. If approved, your loan amount, interest rate, and monthly payment may differ from the example based on the length of term selected, creditworthiness, and other factors. There is no prepayment penalty.Manufactured (Mobile) Home Initiative Loansare unsecured loans based solely on the Borrower’s (and Co-Borrower’s, when applicable) credit worthiness and no lien or security interest in real property or equipment is required. The Borrower may be required to assign or grant to Efficiency Maine a security interest in any applicable program rebate, which would be applied toward payment of the loan principal.In order for a project to be funded:
  • All loan documents must be fully executed by the Borrower (and Co-Borrower when applicable).
  • The project must be performed and installed in accordance with applicable program requirements.
  • The Financed Amount will be disbursed directly to an RRV on behalf of the Borrower at project completion.

If you are interested in inquiring about a new loan or an existing loan after 10/09/2024 then contact [email protected] or call (866) 376-2463. 

Terms and Conditions

Customer/Borrower will be required to execute a loan agreement and promissory note with Efficiency Maine. Additional terms and conditions may apply. Maximum outstanding balance of $25000 for unsecured loans per borrower. Only one check per loan. Program and incentives subject to change or termination. Consult the Efficiency Maine website to confirm current program terms, rebate availability, and forms. Incomplete information may delay or disqualify your loan.