Finally, mortgage lending seems to be getting caught up with the rest of the world when it comes to green.  I had started a draft on green mortgage lending in Active Rain and then saw and participated in the post by Ritu Desai   Calculate your Carbon Footprint and decided that it was time for the information to be shared with the rest of the world.

ENERGY EFFICIENT MORTGAGES or EEM's are Here!!!!

Here's the facts that you need to know:

1)  Can be used for purchase or refinance to incorporate the costs of the improvements into the mortgage;

2)  Dollar amount can't exceed 5% of the property's value (not to exceed $8,000) or $4,000 whichever is greater;

3)  Can be used for FHA or conventional loans. 

4)  If FHA, then the FHA maximum loan limit for the county MAY BE EXCEEDED by the cost of the energy efficient improvements;

 5)  Single ratio of 41% can be used. 

6)  Energy Efficient rebates from government agencies, utilities and manufacturers may be applied towards the borrower's minimum 3.5% contribution.

7)  Regardless of the property's value, EVERY BORROWER who otherwise qualifies can finance at least $4,000 of the costs of the energy costs if the costs exceed at least $4,000.

There are other bells and whistles, but in this day and age, those people who want to move into green living now have products that are designed to assist them in making an energy efficient move.  I just built a house using a geothermal heating and cooling system.  My most expensive bill since moving in (even through the entire winter was $40, on the nose. 

The time is here to take advantage of this product.  Talk to your lender today to find out more information.