888-507-0891 / [email protected]
PV Only (Financier Cap) | $8.00/W |
PV + Approved Add-Ons (Financier Cap) | $8.00/W |
PV + Storage (Financier Cap) | $12.50/W |
PV + Approved Add-Ons Allocation Percentage Penalty (Financier) | If PV PPW Greater than $6.00/W, only 10% of loan value may be applied to approved add-ons. If lower, no cap |
Approved Add Ons | Items needed to make home solar ready:
|
Additional Items | Basic, low cost items are also acceptable to include in loans, but cannot exceed PV Only PPW cap.
|
Dealer Fees | To view dealer fees, keyword search "Dealer" in the Alchemy Support Center |
Factor | Basic Qualifications |
Minimum FICO | 600 |
LTV Requirement | None |
Credit Validity | 180 Days from Credit Run |
Credit Check Impact | Soft at point of initial credit check (hard only after install). This means there is no impact to a customer's credit to simply see if they initially qualify. |
Approval Amounts | 70K or 150K (FICO Dependent) |
Max DTI | 55% (No DTI with 700+ FICO) |
Title Requirements | Primary must be on the title |
Loan Re-amortization | Single re-am at month 18 Additional Re-Ams by homeowner request directly to lender thereafter, with a minimum $1500 principle payment |
Notes:
Sunlight will credit waterfall different capital providers for clients who are "on the line" of credit approval-- limited cases, homeowners may be approved, but only for limited loan products
Some Sunlight deals may require a credit union membership form as part of the loan doc process, depending on what capital fund the homeowner was credit approved for. This helps to increase Sunlight approval ratings.
Single re-amortization at month 18-- homeowners must apply at least their applicable ITC down on the loan by this time to maintain their initial 18-month payment amount. As of June 2022, additional re-amortizations are available via homeowner request after month 18/19, with a minimum lump sum of $1500 paid to principle.
Common Stipulations
Stip | Description | Resolution |
Title Requirements | Primary must be on the title | Provide recorded deed/title copy via secure email upload. As of July 2022, Sunlight will now accept mortgage statements as well. |
ACH | ACH/Banking Routing info was not provided | Provided voided check photo via secure email upload--or--call SL directly |
Retirement | The customer listed "Retired" on the credit application | Must provide most recent employer information. |
Income Verification | Must verify income stated on a credit application | Provide W2 or Recent paystub via secure email upload |
Courtesy Call - Elderly | Sunlight is requesting a validation call, the client is elderly | The client must call SL directly to confirm loan details |
Frequent Pending Decision Reasons:
Security freeze or protection on credit (SL Traditionally Checks Experian)
Mistype on SSN or DOB on the credit app
Payment Details
First payment approximately 60 days after installation
No Prepayment penalties
Re-amortization at month 18: if the customer does not pay down the applicable ITC tax credit, the monthly payment increases. As of June 2022, additional re-amortizations are available via homeowner request after month 18/19, with a minimum lump sum of $1500 paid to principle.
Instant approval for $70K, $150K max with 700+ FICO
Monday - Friday 9AM-9PM EST
Saturday 10AM-8PM
Sunday 11AM- 8PM
Exclusive support line: 888-507-0891
General Support Line: 888-850-3359
Sunlight Billing Department: 855-326-9785 (for homeowners). Homeowner payment portal: http://billing.accountservicing.com/