Recently, many savings-minded borrowers have taken advantage of historically low mortgage rates and refinanced their mortgages. For those who are still looking to save money, Fannie Mae is set to roll out a new mortgage program in the summer that would provide incentives to borrowers with traditional mortgages who wish to make energy efficient improvements to their home.
Currently, one of the few programs to enable homeowners to roll the cost of energy efficient improvements into their mortgages was through the Federal Housing Administration.
Under the Energy Efficient Mortgage program borrowers with FHA-insured loans could qualify for a larger loan (or refinancing amount) so long as the additional funds are used to make improvements to the home. The improvements must improve the energy efficiency of the house and achieve long-term savings.
Fannie Mae has yet to reveal the details of their new green mortgages, but it appears they will be extended to borrowers with traditional, non-FHA mortgages. This program could be a boon to those looking to save money on utility bills, or those who were looking to make potentially energy saving upgrades such as replacing existing insulation, windows, or doors.
Total Mortgage Services is a Full-Eagle FHA Approved mortgage lender and is qualified to make FHA loans. If you are interested in one of the many FHA products please call us at 877-868-2503 or click here to get a free, no-obligation quote.
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