Frequently Asked Questions
Not all PACE providers are enabled to offer financing in all jurisdictions. PACE Funding is available in California, Florida and Missouri, and offers low rates and options for both homeowners and contractors. PACE Funding also offers some financing options that no other provider can offer.
There are both fee and no-fee options.
Yes, there are fees for homeowners, for example, relating to the recording of the Assessment with the County where they property is located. These fees vary from county to county. There is also a small annual administrative fee which is financed so that it is paid over the life of the assessment. This is passed onto the county that collects the annual payments with the property taxes.
All fees are laid out in detail on the Assessment Contract or Finance Agreement package with the rest of the financial disclosures.
It depends on how much of the information we can gather from credit reports and county websites. It can be as short as the 3 day right of rescission or longer if the homeowner needs to supply some missing information.
Yes, there are at least two calls made to the homeowner. The first is a Welcome, or Confirmed Terms call, when the Assessment Contract, or Finance Agreement, has been created. In addition, a Completion call when the Certificate of Completion has been signed by both the contractor and the homeowner. Calls are offered in English and Spanish.
Unfortunately, no. The call must be placed to the property owner(s)’ personal phone number or the property owner can call PACE Funding from their own phone.
PACE Funding verifies ID using Docusign’s ID authentication “out of wallet” security questions, that are specific to the consumer based on Social Security Number, date of birth and address.
The property inspection must be completed, the Completion Certificate must be signed by at least one property owner and the contractor, the Completion Call with the property owner must have been completed and the self-inspection report must be submitted. The invoice will be automatically generated at that point and can be paid that same day.
PACE Funding pays within 24 hours of receipt of the invoice during the regular working week. If all documents are submitted by 10 am Pacific, payment will be sent out that day. Speed of receipt of payment depends on whether the payment is made by wire or ACH.
Email email@example.com with the manufacturer’s data sheet and we’ll check it out. If it is approved for PACE efficiency standards in your jurisdiction we can add it quickly and easily to our options.
PACE Funding reserves the right to reprice after 120 days. At a minimum, an addendum to the Contract would be needed because the capitalized interest would need to be changed.
A self-service property inspection, a Certificate of Completion, and a Completion call with the property owner are required. PACE Funding may require a final permit but it is not required for funding. It is the responsibility of the contractor to obtain necessary permits at the time of the project, including final signoff of permit from the applicable building department.
Yes, PACE Funding requires property inspections and has implemented a streamlined and easy to use self-inspection process using the Truepic App. Contractors, or even homeowners, can easily complete the Inspection by taking pictures with their cell phone and by using the free Truepic app.
A project requires a signed Assessment Contract, known as the Finance Agreement in Florida, and a final approval from a Senior Underwriter before the project will be given NTP. Occasionally the Underwriting team may be waiting for additional supporting documentation before they can give final approval, such as a mortgage statement confirming that the homeowner is current on his/her mortgage and not in forbearance.
80-85%. The majority of declines have been due to late mortgage payments or liens and judgements against a property depending on where the property is located and local PACE statutes.
Mortgage payment history is checked through a third party credit report service provider. In some States and jurisdictions mortgage payment history must be taken into account by PACE underwriters.
PACE Funding will verify trustee information on the property title.
We use TransUnion and Experian.
Yes, call 844-USE-PACE. However, PACE Funding cannot reveal homeowner credit information to anyone other than the homeowner.
Yes, if a party feels that the property value is too low, PACE Funding may accept a professional appraisal as the basis for a property value.
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