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February 26, 2015

Financing Homes Near Wind Turbines

Homeownership

Mortgages and Wind Turbines

Today more than 48,000 individual wind turbines are spinning in 39 states and more wind farms under construction in 22 states, according to the American Wind Energy Association. That has some lenders and borrowers wondering if they can get a conforming, conventional loan for nearby homes. The answer is yes.

Freddie Mac guidelines do not prohibit lenders from selling Freddie Mac eligible mortgages secured by homes that sit near wind turbines, power transmission lines, or even tall trees. However, lenders must represent and warranty the house is safe, habitable, marketable and meets Freddie Mac's other collateral requirements.

Freddie Mac also requires the appraisal report to note factors that could positively or negatively affect the home’s marketability.

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