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puma
118 Posts |
 Posted - 05/22/2008 : 12:33:16 PM
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I ran across a client that recently asked me about financing "green" homes. Are there any loan programs out there that cater to these specific homes??
Thanks, |
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Managing Prime
2804 Posts |
Posted - 05/22/2008 : 12:35:10 PM
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| EEM...Energy Efficient Mortgage. Fannie and FHA all the way. Stretch DTI and finance energy improvements. |
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puma
118 Posts |
Posted - 05/22/2008 : 12:39:55 PM
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Are the rates better as well?? Are there product guidleines that I could review?
Thanks, |
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Managing Prime
2804 Posts |
Posted - 05/22/2008 : 12:42:30 PM
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Nope. Need a HERS report (home energy rating) if the home is energy efficient then the "energy savings" as compared to comparable homes in the area is counted as income. They can also finance energy improvements. Just google "energy Efficient Mortgage" and you will find info on eFannieMae. I think Chase, Wells and M&T have published guides. M&T offers online classes.
quote:
Originally posted by puma
Are the rates better as well?? Are there product guidleines that I could review?
Thanks,
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puma
118 Posts |
Posted - 05/22/2008 : 12:46:43 PM
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| THANKS!! |
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1stintegritymort
1298 Posts |
Posted - 05/22/2008 : 2:33:32 PM
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| you should try to get set up with some solar power companies in your area. it is not easy for them to get financing for it. you can roll up to 8k in energy efficiency. the state will pay about 10k of it and then the fed about 3k. that leaves enough room for a 20k system. that may not be the best system out there, but it will cut their bill in more than half. they are exempt from property taxes in some states and get the write off on the mortgage. |
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MisterVA
6767 Posts |
Posted - 05/22/2008 : 2:35:57 PM
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| In some states you can add $3000 for energy related improvements without a cost/benefit analysis and $6000 with for both VA & FHA. Those improvements are taken into account by the appraiser. Essentially, if the payment increases by $35, for example, and energy savings will be more than that, you can do it. |
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Managing Prime
2804 Posts |
Posted - 05/22/2008 : 3:30:53 PM
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Shoot. I only use about 8KW/day at home. A 20K system should size out to about 2KWH. Here in Florida that would just about zero me out.
quote:
Originally posted by 1stintegritymortgage
you should try to get set up with some solar power companies in your area. it is not easy for them to get financing for it. you can roll up to 8k in energy efficiency. the state will pay about 10k of it and then the fed about 3k. that leaves enough room for a 20k system. that may not be the best system out there, but it will cut their bill in more than half. they are exempt from property taxes in some states and get the write off on the mortgage.
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