HERO
Eligibility
What are the eligibility criteria for HERO Financing?
Homeowners who meet the minimum criteria below are eligible for HERO Financing. Specific eligibility requirements for residential properties include the following:
All mortgage-related debt must not exceed 90% of the value of the property.
Mortgage payments must be current at the time of application, and property owner(s) must not have had more than (1) 30-day mortgage late payment over the past twelve months.
Property taxes must be current and there must be no more than one late payment in the past three years.
No outstanding involuntary liens, such as tax liens or mechanic's liens.
Property owner(s) must not have had any active bankruptcies within the last seven years, and the Property must not be an asset in an active bankruptcy. However, if a bankruptcy was discharged between two and seven years prior, and the property owner(s) have not had any additional late payments more than 60 days past due in the last 24 months, the property owner may be approved.
Mobile homes must be permanently attached to the property and the owner of the underlying property must be the applicant and be subject to real property taxes
For more information, please go to www.heroprogram.com.
What products are eligible for HERO Financing?
There are more than 900,000 products that are eligible for HERO Financing. Generally, energy and water efficient products and renewable energy systems are eligible. Please explore the list of Eligible Products at www.heroprogram.com for more information. If you wish to install a product that is not on the list contact us at 1-855-HERO-411 (1-855-437-6411) to get an application.
If I owe more on my house than its market value, am I still eligible for HERO Financing?
No. Total mortgage liens on the property cannot not exceed 90% of the value of the property.
Can a mobile home/manufactured home qualify for HERO Financing?
Mobile homes (and manufactured homes) are eligible if they are permanently attached to the real property and pay real property taxes (not DMV fees). The mobile home owner must also be the owner of the underlying land. Since an AVM value is often not available for mobile or manufactured homes, the tax assessed value or recent appraisal value may need to be used for the debt-to-value and Eligible Product costs calculations.
Does a condominium qualify for HERO Financing?
Condominiums may be eligible depending on the Covenants, Conditions and Restrictions (CC&R's) of the complex as well as the physical design of the unit. Condominium owners who apply for HERO Financing may need to obtain written authorization from condominium management stating that the property owner is allowed to install the proposed Eligible Products.
Can a property placed in a trust qualify for HERO Financing?
Yes. Trust property is eligible for HERO Financing if adequate documentation of the Trust, and the applicants' authority under the Trust, are provided with the application. All Trustees must sign all HERO Program documents.
Are commercial properties eligible for HERO Financing?
Yes. Commercial properties are eligible for HERO Financing. Please go to wrcog.herocommercial.com for more information about commercial financing.
Hero FAQ
What is the HERO Financing Program?
HERO is the #1 energy efficiency financing program in the United States. HERO partners with local governments to make energy efficient, water efficient, and renewable energy products more affordable for homeowners.
How is HERO Financing different than other forms of financing?
HERO is unique in that it provides financing for approved energy efficient, water efficient, and renewable energy products. HERO finances 100% of the cost to purchase and install eligible products. HERO offers low-fixed interest rates, flexible payment terms including 5/10/15/20 years for most products, and repayments are made through your property taxes. Additionally, if the property is sold before the HERO Financing is paid in full, the remaining payments can be passed on to a new property owner.
How is HERO Financing paid through my property taxes?
The repayment of HERO Financing is included in your property tax bill, which is delivered and collected by the County. You will see a line item titled HERO Financing on your property tax bill. If you make property tax payments through an impound escrow account, your lender will adjust your monthly payment to include the amount due for HERO Financing.
Who can apply for HERO Financing?
HERO Financing is available to commercial and residential property owners in many cities and counties across the State of California. To find out if HERO is available in your community please enter your zip code at www.heroprogram.com or call 1-855-HERO-411 (1-855-437-6411).
Are all contractors qualified to install eligible HERO products?
No. Contractors must be registered with the HERO Program in order to be qualified to install HERO eligible upgrades. To register with the HERO Program contractors must be properly licensed and bonded with the Contractors State License Board.
To find a registered HERO Contractor please enter your zip code at www.heroprogram.com to explore the contractors in your community. Property owners are responsible for the selection of the contractor(s) and product(s) necessary to complete their project.
What happens if a property is sold?
Property taxes typically stay with the property when it is sold. Under the HERO Program, when you sell or refinance your property, your remaining payments may stay with the property. However, your lender may require you to pay off the remaining balance when you refinance or sell your home.
