HomeRx Energy Efficient Lending Option

Easy steps for getting a local loan

First National Bank of Durango is excited to partner with 4CORE to provide financing for your energy improvements. HomeRx loans through First National Bank of Durango have a great interest rate and the Bank's loan origination fee is waived (up to $125.00).

Easy steps:

1. Contact 4CORE regarding HomeRx program
2. Arrange for a Home Energy Audit through 4CORE- performed by nationally certified home energy auditors
3. Receive 4CORE HomeRx Detailed Home Prescription.
4. Complete 4CORE HomeRx Improvement Contract with 4CORE detailing work to be done and funds needed to complete work. Reimbursement of your cost of the audit can be included in the contract.
5. Apply for HomeRx loan with First National Bank of Durango. Loan amount can be up to the contracted amount. Provide First National Bank of Durango with copies of two (2)most recent pay stubs and/or two (2) most recent tax returns.
6. Upon loan approval and signing, the following disbursements will be made:  
   * Reimbursement to borrower for the cost of Home Energy Audit
   * Down payment of 20% issued to 4CORE.
7. Open HomeRx checking account with First National Bank of Durango. 
8. Hire contractors (must be from the 4CORE list of approved contractors) and schedule work to be completed.
9. Complete Final Inspection Report with 4CORE.
10. Request disbursement of final payment to 4CORE for further payment to subcontractors. 4CORE will complete all necessary lien waivers

First National Bank of Durango has other loan options available. You may want to consider a Home Equity loan or line of credit if your project includes other home improvements in addition to the energy efficiency needs.

Contact First National Bank of Durango loan officers for more information: 

Nicole Blake 382-5709

Barb Kinney 382-5787

Gary Roberts-Bayfield 382-5639

Lend Me an Upgrade!

Local Loans Available for Energy Upgrades  

  

There's a new, simple way for home and business owners in Southwest Colorado to make energy efficiency and renewable energy upgrades to their homes and offices. Region 9 Economic Development District andFirst National Bank are partnering with the Colorado Housing Finance Authority (CHFA) to bring loan options for energy upgrades to our area. CHFA's Green Colorado Credit Reserve helps lending institutions offer loans for energy upgrades by incentivizing local lending institutions with a "reserve account" that offers them some protection in the event that a borrower defaults on a loan.

This is allowing businesses and homeowners to take out low-interest loans in order to reduce their energy bills allowing them to pay back the loan more quickly. This summer, make energy upgrades your home or business and take advantage of this new loan program! For more information, contact 4CORE, or the lending institutions below:

Business Energy Upgrade Loan
Ed Morlan
Region 9 Economic Development District
970-247-9621
email Ed

Home Energy Upgrade Loan
Kathy Burgess
First National Bank of Durango
970-247-3020
email Kathy