Tuesday, May 10, 2011

FHA Energy Efficient Mortgage Program Help for Home Buyers

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FHA's Energy Efficient Mortgage program can help some home buyers save money on utility bills.

This FHA lending program would allow buyers to finance the cost of adding energy efficiency features to new or existing housing as part of an FHA purchase loan or mortgage refinance.

Buyers can also get a home that is already energy efficient and qualify for a larger loan based on the life-time savings they get with a more energy efficient home.  However, the cost of energy improvements and estimate of energy savings must be determined by a home energy rating system (HERS) or an energy consultant.

What's Involved in the Energy Efficient Mortgage program? 

Primary residences of one to four units are eligible for financing. 
 3.5% or more down payment is required. 
 Cost of an energy inspection report and related fees, including closing costs,
may be included in the mortgage.
Loan limits are based on FHA loan maximums for the community.

Buyers should check this FHA energy efficient mortgage loan program out to see whether they can buy an older home and bring it up-to-date with improvements and save money at the same time.

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Harrison K. Long - solutions for real estate and business - REALTOR® and broker associate, GRI - Coldwell Banker Residential Brokerage - 949-854-7747 (phone) - ExploreProperties@gmail.com (email) - CA DRE 01410855 - SFR short sale and foreclosure resource certified by the National Association of REALTORs® - also now serving as a director at California Association of REALTORs®.

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Contact us with your questions about real estate, listing and selling of homes and properties at Orange County, California. 

Posted via email from Explore OC Homes

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