If you’re in Real Estate in Reno you have probably heard of the FHA Energy Efficient Mortgage. This is FHA option has been on the loan docs for a while now but is very underutilized in Northern Nevada. With budgets tighter and the movement to be more environmentally responsible about 92% of buyers are concerned with energy costs. Homes with oil, propane, or electric heat are even more expensive to heat. This is where the EEM comes in.
A buyer can finance the energy improvements at the time of purchase. The additional cost of the loan is offset by the energy savings. But one of the best parts is that there is also rebate money available.
The Energy Fit Nevada program coupled with the EEM is a winning combination. The rebate money can allow the buyers to get even more retrofits that will make the home more efficient, comfortable, healthier, and more durable. If people sign up before December 31st they could qualify for up to $3000 in rebates.
Inform your buyers of home built before 2000 about this program. Getting a better home and free repairs is sure to get you great referrals.
This is not a 203k and is very easy to do for all parties involved. It can be added to a 203k though.
If you would like more information about the EEM here in Reno contact me. I’m not only a Home Inspector but an Energy Auditor that provides the ratings for the EEM and I’m a partner in the Energy Fit Program. I can also help with lenders, contractors, and agents that are able to complete this loan.