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energy efficient mortgages

Posted on: 05th Dec, 2006 10:35 am
what is energy efficient mortgage program and how much cost of energy-efficient improvements are eligible for financing
hi cfio,

it is a program which helps home buyers and also home owners save money.

they can do so by being able to finance the cost of adding energy efficient features for their existing or new house as part of their fha-insured house purchases or mortgage refinance.

and the costs which are eligible should be either 5% of the property value (this value can not exceed $8,000) or $4,000, whichever is greater.

in addition, the maximum limit for the mortgage is $160,950 plus the cost of the eligible energy efficient improvements for a single-family home.

thanks
blue
Posted on: 05th Dec, 2006 11:03 am
please also provide some details on the eligibility that I will have to meet and the other program requirements.
cfio
Posted on: 05th Dec, 2006 11:48 am
Hi,

If you can meet the income requirements for FHA's Section 203(b) insurance and make the monthly mortgage payments then you would be eligible to apply.

Also a home energy rating system (HERS) or an energy consultant determines the estimate of the energy savings or the cost of the energy improvements.

Energy efficient program can also be used with the FHA 203(h) program for mortgages made to victims of presidentially declared disasters. But such mortgage is required to comply with Section 203(h) requirements as well as those for EEM.

Let me also tell you that if there are any costs for the energy inspection report then up to $200 of such costs can be included in the mortgage.

Do let us know if you have any other questions.

Colin
Posted on: 05th Dec, 2006 12:03 pm
Hello everyone, I have an individual condominium unit, will it be insured through this program?(W. Bolie)
Posted on: 05th Dec, 2006 12:10 pm
"Hello everyone, I have an individual condominium unit, will it be insured through this program?"
If the project in which the individual condominium unit exists, gets approved by the FHA or the Dept. of Veteran Affairs or meets certain Fannie Mae guidelines then the unit may be insured.
Posted on: 05th Dec, 2006 12:36 pm
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