Going Green with a Energy Efficent Mortgage from FHA
Everyone is talking about going green these days. FHA has wanted homeowners to go green for years. FHA has for a long time offered the EEM ( Energy Efficient Mortgage) and recently have increased the amount of the EEM homewoners can use. The new FHA EEM is a loan that lets homeowners finance up to 5% of there loan amount for Energy Efficient upgrades. These upgrades can include anything that makes homes more energy efficient. FHA knows Energy Efficient = more money in the homeowners pocket. For more information check out my FHA EEM Page.
A average homeowner can save over $60 in energy costs by taking advantage upgrades from a Energy Efficient Mortgage. Over 30 years this can save the homeowner over $21,600 at current utilities costs. Many power companies have asked for an rate increase to up to 15%. Homeowners know higher utilities rates are coming and taking advantage of a FHA EEM now can get them the energy saving they need today. FHA EEM mortgage can be used with any FHA loan for a purchase or the refinance of their home. Homeowners who are taking advantage of the FHA 203k renovation loan can also use the FHA EEM to add an addition 5% for the upgrades for Energy Efficient upgrades. Current FHA borrowers should take advantage of the FHA EEM streamlined loan that does not require a new appraisal and it does not matter if the home is “upside down”!!!