Energy Efficient Audits...why should I do that?

Mortgage and Lending with Approved Mortgage Group NMLS #1287673

With the price of oil and all other utilities going up, we are all scrambling to find ways to cut down on your monthly bills.  Well, I found this article that you might want to check out!  You can Click Here for that!

There are several ideas of what an Energy Efficient Audit is, but to truly take advantage of this, you need to know that Energy Efficient Audit Makes Cents, and are affordable!  James Quarello is an ASHI certified Home Inspector and has great information on how to get these audits done correctly and efficiently for the homeowners!

I want to go briefly into the Energy Efficient Mortgages that are directly affiliated with the Energy Efficient Audits.  Obviously, you need to find a way to finance the improvements on your home in order to get the most out of your audit.  Here's how:

FHA has a loan program (the 203k) that is directly related to these audits.  This mortgage program is very similar to a rehab or construction loan in that a signed and designated contractor needs to be hired and reviewed by the underwriting department to ensure your best interests are upheld!

Here's how it works.  The FHA 203k is treated as a refinance on your current property (or you can purchase a property as well with this - Click Here for that blog).  Either way, we hold the estimated cost plus 15% over (just in case) in a reserve escrow account to be drawn on as needed by the contractor.  You get a discounted rate because of the affiliation with the Energy Efficient Audit/Mortgage, and you only close one time!  And, get only pay on the amount that you draw on.  So, if you only use $40,000 to do the improvements, but we have $35,000 more in the escrow, you are only paying on the $40,000 plus you original mortgage amount.  Makes sense, right?!

So, with that said, you can save several hundreds and thousands of dollars if you are planning on staying the home soon, AND you are adding value to your home in case you decide to sell!

If you have any questions, please feel free to contact me at any point.  My email address is, and my cell phone is 203-257-5279!  I look forward to hearing from you!

And, remember to leave comments!

Posted by

Andy Scherer

Loan Officer & Marketing Director

Approved Mortgage Group

610 Farm Lane, Doylestown, PA 18901

Mobile: 203-257-5279



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Cheryl Hale
Boca Raton Mortgage Broker - Boca Raton, FL
Mortgage Lady - South Florida


Nice job  explaining the FHA 203K.  This has been around for a while., but a lot of us neglected it during the "boom" times. A great niche to focus on.

Nov 08, 2007 11:49 AM #1
Eleanor Thorne
Equity Resources - Cary, NC
Equity Resources 919-649-5058
Andrew!  Are you doing Energy Efficient Mortgages?  If so - who are you doing them through?  I understand you can increase the loan above the FHA limit - and I'm trying to find out HOW MUCH HIGHER.  Does Countrywide do these loans?
Feb 25, 2008 09:25 AM #2
Jon Sigler
Keller Williams - Greater Hartford - South Windsor, CT
South Windsor Homes for Sale 860-306-8029

Great post on a timely topic.  The 203k will gain market share as we work through the glut of refinances.


Feb 25, 2008 12:50 PM #3
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