Energy Efficient Mortgages

March 28, 2011

Homebuyers can take advantage of government help by getting an Energy Efficient Mortgage (EEM) to finance their new home. An EEM gives homebuyers more purchasing power. It allows them to increase the amount of their loan to cover the costs of energy efficient improvements up to $8000 (or 15 percent of the value of the home) without adding to the down payment. That way they can qualify for a larger loan on a better home while at the same time look forward to saving on monthly utility bills. They can pay for their energy upgrades gradually over the lifetime of the loan, and, as a plus, it’s a way for homeowners to do their part in helping the environment.

EEMs are typically used to finance newly built homes that pass an energy efficient rating inspection. But homebuyers of existing homes can also get an Energy Improvement Mortgage (EIM) which allows borrowers to include the cost of energy efficient improvements that they plan to make after they buy the home.

If you’re thinking about buying a newly constructed home or an existing home, be sure to ask your lender about Energy Efficient Mortgages to see if they are right for your particular situation.

 
For professional advice on all aspects of buying or selling real estate, please contact me at [email protected] or 305-960-2575, or come by the office at 355 Alhambra Circle, 9th Floor, in Coral Gables.
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