Yes, the Eligibility Screening Tool (EST) was updated to include the new interest rates for Residential Financing, which took effect for loan applications submitted to EFS on or after September 1, 2016.
- Contractors should select the appropriate interest rate on the Cost Effectiveness screen in EST and click on “Recalculate”.
- The grid will then display the correct results, including any required customer contribution or minimum savings amount.
- The Eligibility Summary Report that is sent to EFS will also reflect the interest rate that was selected in EST.
- If the interest rate does not match EFS’ records, then the project will be sent back to the contractor for correction prior to workscope approval. Note that the default interest rate is 3.49%.
Resources for additional information: