Energy Efficient MortgagesMarch 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.
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.