Renters can get up to $13K toward homeownership with HOPER’s incentive program combined with an FHA solar loan. Save on utilities, earn cash, and build equity—with little to no money out of pocket in many cases.
How far do you think an extra $13,000 might go toward helping a renter become a homeowner?
Now there’s a home loan program that’s betting it drives the deal all the way home.
The Federal Housing Administration (FHA) allows homeowners to roll the cost of solar panel installation into their mortgage, and when paired with this new incentive program from the Arizona non-profit HOPER, homebuyers can earn as much as $13,000 toward the purchase of their home.
According to HOPER, 78% of Americans live paycheck to paycheck, as of December 2023, and most of those in the housing market struggle to save. Many have no savings at closing and/or find it difficult to start saving both for the biggest purchase of their lives and immediately after buying their home. It takes time, sometimes up to five years for the average household, to reach the point where their savings are enough to cover even three months’ worth of housing payments.
HOPER’s mission is to empower renters to become homeowners by providing the tools and guidance needed to save money, reduce debt and build lasting financial security. By arming homebuyers with the knowledge, motivation and resources they need to get there, HOPER and participating lenders like Fairway are helping to sustain homeownership as part of the core of the American Dream.
HOPER provides participating homebuyers 3.5% of the home’s value, up to $13,000, as an incentive for participating in a homeownership education class before closing on their mortgage, a post-closing financial mentorship program and taking advantage of savings provided by renewable energy initiatives.
That’s where the FHA Solar program comes in. When homebuyers pair the two programs, they’re eligible for not only that financial incentive of up to $13,000, but also the increased property values through energy ownership and a federal tax credit that, according to HOPER, is $12,000 on average.*
That’s right. Homeowners who take advantage of the FHA Solar and HOPER incentive tag-team deal get paid before they close on their new home, AND they are eligible to get paid again when they file their federal taxes with that energy-efficient installation tax credit! Don’t forget about the monthly savings on the home’s energy bill, thanks to the solar panels, either.
One of the key features of this program is that the cost of the solar system itself is lumped into the homeowners’ mortgage payment. There is no other account to keep up with, no separate loan to consider and it helps make the whole process easier and stress-free.
Unlike traditional down payment assistance programs, the funds from HOPER are earned 1099 income, not a grant or loan. Participants are actually being compensated for participating in HOPER’s study, with the expected outcome of the study being that the homeownership and credit education programs, combined with energy-efficient initiatives, will lead to fewer and fewer defaults on home loans.
Participants in the program can use these cash funds as needed for their down payment, other closing costs, debt payoff at closing, replenishing the buyer’s savings account post close, realtor fees, interest rate buydown costs, appraisal shortages or simply to show as cash reserves to help with mortgage approval.
As part of the program, the homebuyer will be asked to complete a pre-closing homebuyer education course that takes 6-8 hours of online work. This course costs $149 and it is the ONLY out-of-pocket expense to the homebuyer. The post-closing financial mentorship course is recommended but not required and comes at an additional cost of $99. The buyers will also be asked to respond to periodic surveys and soft credit monitoring to help further the mission of HOPER and its Hope 4 Homeownership program goals.
The homeowner’s investment in their solar panel system costs nothing out of pocket. The costs are financed through the homebuyer’s FHA Solar home loan. There is no concession or contribution necessary from the home seller or the real estate agent.
Another great feature of this program is that homebuyers can take advantage of it at the time of purchase, but current homeowners can also take advantage of it through an FHA mortgage refinance. The cost of the solar system will be rolled into the new mortgage amount in the refinanced home loan.
HOPER is studying the positive impact that education, additional savings and lower monthly utility bills can have on the life and loan performance of new homeowners. Participants in this program bypass the high sales commissions that are typically built into the purchase of a residential solar panel system. They receive a discounted system and finance it through the FHA Solar mortgage, which secures them optimal rates and lower costs, typically associated with FHA mortgages in general.
When homebuyers and homeowners go solar with discounts like this, they are able to more quickly grow their savings account by reducing their monthly utility bill and benefitting from a significant tax incentive (referred to above as an average of about $12,000, according to HOPER).
Without spending any additional money out of pocket, participants receive a significant cash windfall before closing through the compensation they receive to be a part of the study, and after closing through their tax credit. This additional cash on hand means less stress and more success for participants in this innovative loan program.
According to HOPER, the average program participant sees their monthly utility bill go down by $226. These average savings compare to an average increased monthly mortgage payment of $221. The home is eligible for this program as long as a renewable energy assessment shows that the utility bill goes down by at least as much as the monthly mortgage payment will go up. These average results are based on a 6.0% mortgage rate amortized over 30years. The amount of savings will vary based on individual household energy use and on the cost of traditional utility services from local providers.
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*This advertisement does not constitute tax advice. Please consult a tax advisor regarding your specific situation. Copyright©2025 Fairway Independent Mortgage Corporation. NMLS#2289. 4750 S. Biltmore Lane, Madison, WI 53718, 1-866-912-4800. All rights reserved. This is not an offer to enter into an agreement. Not all customers will qualify. Information, rates, and programs are subject to change without prior notice. All products are subject to credit and property approval. Not all products are available in all states or for all dollar amounts. Other restrictions and limitations may apply. Fairway is not affiliated with any government agencies. Fairway is required to disclose the following license information. AZ License#BK-0904162; Licensed by the Department of Financial Protection and Innovation under the California Residential Mortgage Lending Act, License No 41DBO-78367.Licensed by the Department of Financial Protection and Innovation under the California Financing Law, NMLS #2289. Loans made or arranged pursuant to a California Residential Mortgage Lending Act License; Georgia ResidentialMortgage Licensee #21158; For licensing information, go towww.nmlsconsumeraccess.org; MA Mortgage Broker and Lender License #MC2289;Licensed Nevada Mortgage Lender; Licensed by the NJ Department of Banking and Insurance; Licensed Mortgage Banker-NYS Department of Financial Services; Rhode Island Licensed Broker & Lender; Fairway Independent Mortgage Corporation NMLS ID #2289 (www.nmlsconsumeraccess.org). Equal Housing Opportunity.
