Posted on: 26th Mar, 2007 11:28 am
How much of energy efficient improvements can be financed into the mortgage under fha eem program,thanks.
Hi Frank,
Welcome to Mortgagefit discussion board.
It is possible to finance 100% of the cost of eligible improvements into the mortgage under FHA Energy Efficient Mortgage Program.
To be eligible such improvements must be cost effective. By cost effective it means that cost of improvements (which includes maintenance costs) should be less than what would be present value of - energy savings that can be made over total useful life of such improvements.
Do let me know if you have any other questions.
Thanks
Blue
Welcome to Mortgagefit discussion board.
It is possible to finance 100% of the cost of eligible improvements into the mortgage under FHA Energy Efficient Mortgage Program.
To be eligible such improvements must be cost effective. By cost effective it means that cost of improvements (which includes maintenance costs) should be less than what would be present value of - energy savings that can be made over total useful life of such improvements.
Do let me know if you have any other questions.
Thanks
Blue
Thanks, one more thing, is there a limit on how much of the cost of improvement can be added to the mortgage amount?
Yes Frank, the cost of improvement can be up to greater of:
In addition, determination of cost of energy improvements & estimate of energy savings should be based upon physical inspection of property by an energy consultant.
Miller
- 5% of value of the property (not to exceed $8000) or,
- $4000
In addition, determination of cost of energy improvements & estimate of energy savings should be based upon physical inspection of property by an energy consultant.
Miller
I have some more information about Energy Efficient Mortgages Program. Such a loan can be taken as a 30 or 15 yr frm or as an arm from any fha approved lender.
One fha requirement exists which is to make at least 3% downpayment on the property. This downpayment is based on the sale price of the property. And any upfront mip (mortgage insurance premium) is allowed to be financed as part of the mortgage.
One fha requirement exists which is to make at least 3% downpayment on the property. This downpayment is based on the sale price of the property. And any upfront mip (mortgage insurance premium) is allowed to be financed as part of the mortgage.
The types of improvements that can be made with a fha eem program are -
#Replacing doors or windows
#Replacing a furnace/cooling system
#Insulating an attic, crawl space, and/or pipes and air ducts
#Installing active and passive solar technologies
#Fixing or replacing a chimney
#Replacing doors or windows
#Replacing a furnace/cooling system
#Insulating an attic, crawl space, and/or pipes and air ducts
#Installing active and passive solar technologies
#Fixing or replacing a chimney
Can I get a gaverment goverment or any kind of grant for putting on my solar roof ? I 'm in need of a roof but dont have the money and I want to go with solar
You can check out the given link to know if grants are available for putting on a solar roof:
"http://www1.eere.energy.gov/solar/financial_opportunities.html"
Hope it helps you.
"http://www1.eere.energy.gov/solar/financial_opportunities.html"
Hope it helps you.
What about double glazing windows? from what i understand this is one of the best ways to conserve heat in a house.