Fannie Mae announced HomeStyle Energy mortgage, a program to help borrowers make energy and water energy efficient upgrades to their home. Homeowners will be able to finance energy upgrades when purchasing or refinancing their home. The new mortgage will also be available to properties like condos.
Borrowers purchasing a home or owners who want to improve an existing home can receive up to 15 percent of the as-completed appraised value for energy efficient upgrades. An energy report is required. Without a report, borrowers can finance up to $3,500 in water efficiency upgrades. The program applies to all Fannie Mae approved lenders.
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