Are you concerned with your increasing electric bills? Trying to promote greener lifestyle? Eager to avail energy-efficient home to save precious money! Perhaps, it is time to get to be the benefits offered by energy efficient home as promoted by EEM (Energy Efficient Mortgage) program of Fannie Mae HomeStyle.
Use Energy Efficient Mortgage power
Energy Efficient Mortgage also referred to as energy improvement mortgage is utilized for financing an energy efficient home (Energy rated home) or existing property requiring energy improvements. Qualified borrowers can avail opportunities from such loans to avail larger mortgage, for which they are eligible for with/or reduced mortgage rate. Similar to regular mortgage, the lender does require monthly payments.
Check out HomeStyle Energy Mortgage
Fannie Mae Home-Style Energy Mortgage offers refinance options and helps with loan purchase to upgrade existing one or purchase new energy efficient home. Approved borrowers with this EEM type helps to avail cash from home equity for accessing funds for varying energy efficient projects, ranging from energy efficient updates and repairs to landscaping as well as to purchase energy efficient home. Even if you are self-employed you can get a mortgage to make your home more efficient.
Such loans can be utilized to ensure energy efficient improvements like the given below:
- Renewable energy sources like geothermal systems, wind power devices and solar panels.
- Water efficiency gadgets.
- Foundation retrofitting meant for earthquakes.
- Storm surge barriers
- Radon remediation system
- Weatherization to about $3,500 for doors, windows, insulation, air sealing and much more.
- Retain walls for addressing water and mud flows.
- Hazardous tree and bush removal at fire zones.
For HomeStyle Energy Loan, maximum financing amount is to about 15% of the home’s appraised property value. Discuss with your lender and confirm the type of projects and appliances to qualify for energy efficient loan.
Benefits derived from HomeStyle Energy Mortgage
With HomeStyle Energy Mortgage, you might be paying much more money in monthly payments and for upfront purpose, while spend much less annually on reduced utility bills due to energy efficient improvements derived. Besides this, staying long enough in the home will help you to offset the initial investment with time via energy savings. Moreover, if you had PACE (Property Assessed Clean Energy) previously, then you can repay the same as part of refinance with HomeStyle Energy Mortgage. Also, you may qualify for tax credits with regards to specific home improvements made to the home. (For more information do consult with your tax advisor).