| Community Members Opinion |
Niicss
Joined: 03 Oct 2005
Posts: 2617
Location: New Jersey
409.01 Dollars($)
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 Posted: Fri Aug 07, 2009 4:04 am Post subject: |
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| Hey Sara...this is really a great news for the consumers who are planning to buy energy efficient home. The FHA will now be able to offer an additional amount if it is used to lower the property's annual energy consumption. As far as the bill is concerned, the FHA can now insure a minimum of 50,000 new energy-efficient mortgages in the next 3 years. In addition, Fannie Mae and Freddie Mac will have to develop mortgage products as well as flexible underwriting guidelines so that energy-conscious borrowers and builders can take advantage of it. |
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savior70
Joined: 25 Mar 2009
Posts: 1416
Location: Florida
167.66 Dollars($)
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| Posted: Fri Aug 07, 2009 5:57 am Post subject: |
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Hi,
Such efforts from the Federal Govt. and FHA are commendable. There's no denying the fact that we need to think about energy conservation seriously. Incentives and efforts like this will make people consider the energy-efficient home building options. I believe the new offer of 5% larger mortgages by FHA will encourage more people to build energy-efficient homes, which in turn will help conserve the energies and protect the environment at large. |
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erickinney01
Joined: 02 Aug 2009
Posts: 51
0.00 Dollars($)
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| Posted: Sat Aug 08, 2009 12:19 pm Post subject: |
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Apart fron additional mortgage, a tax credit for 30% of the cost of energy-efficient doors and windows, insulation, air conditioners, furnaces, heat pumps and boilers, up to a lifetime cap of $1,500 is also available for 2009 and 2010.
if you buy a new air conditioner, furnace, heat pump or boiler that meets the energy-efficient guidelines, you can include the cost of installation in calculating the credit.
also note that Starting in 2009, homeowners who install solar water heaters, geothermal heat pumps and wind energy systems are eligible for a Expanded tax credit of up to 30% of the cost, with no caps. Previously, caps on these types of projects ranged from $2,000 to $4,000. These tax credits are available through 2016, and both labor and materials qualify. |
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Jessica
Joined: 08 Jun 2004
Community Mentor
Posts: 814
Location: OHIO
195.95 Dollars($)
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| Posted: Mon Aug 10, 2009 5:57 am Post subject: efforts to make energy efficient motgages popular |
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I think it's a good move by the Federal Government to lower energy consumption and save it for the future. With FHA about to insure $50,000 energy efficient mortgages and Fannie Mae/Freddie Mac directed to come up with new energy efficient products, one can interpret how keen the government is in encouraging energy efficient loans.
The best thing about energy efficient home loans is that, they would increase the qualifying income of borrowers by 1 dollar for every dollar of projected energy savings from home remodeling and green construction.
Regards,
Jessica.
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http://jessica.mortgagefit.com/ |
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