Energy Efficient Mortgages Makes $ense | Fiberlite Technologies ...

The cost to heat and cool your home is the single largest housing expense after your mortgage payment. You can save money on the cost of utilities by purchasing new energy-efficient heating and cooling systems or by making home improvements, such as weatherizing and insulating older homes and these investments can end up saving you money through lower utility bills.

If you are buying, selling, refinancing, or remodeling your home, you can increase your comfort and actually save money by using the Energy Efficient Mortgage (EEM).? It is easy to use, federally recognized, and can be applied to most home mortgages.? EEMs provide the borrower with special benefits when purchasing a home that is energy efficient, or can be made efficient through the installation of energy-saving improvements.

Homeowners with lower utility bills have more money in their pocket each month.? They can afford to allocate a larger portion of their income to housing expenses.? If you have more cash, why not buy a better, more comfortable home?

EEMs are typically used to purchase a new home that is already energy efficient such as an ENERGY STAR qualified home.? The term EEM is commonly used to refer to all types of energy mortgages including Energy Improvement Mortgages (EIMs), which are used to purchase existing homes that will have energy efficiency improvements made to them.

Finance Energy Improvements

• Cost-effective energy-saving measures may be financed as part of the mortgage!
• Make an older, less efficient home more comfortable and affordable!

Increase Your Buying Power

• Stretch debt-to-income qualifying ratios on loans for energy-efficient homes.
• Qualify for a larger loan amount.? Buy a better, more energy efficient home.

Conventional Energy Efficient Mortgages

Conventional EEMs increase the purchasing power of buying an energy efficient home by allowing the lender to increase the borrower?s income by a dollar amount equal to the estimated energy savings.? While Freddie Mac does not offer EEMs, they do allow underwriting flexibilities for energy efficient improvements with all their offerings.? Discuss this directly with your lender to find out more.? The find a lender in your area, please visit the ENERGY STAR Partner Locator.

FHA Energy Efficient Mortgages

The mortgage loan amount for an FHA EEM can be increase by the cost of effective energy improvements.? The maximum amount of the portion of the EEM for energy efficient improvements is the lesser of 5% of:

the value of the property, or

115% of the median area price of a single family dwelling, or

150% of the conforming Freddie Mac limit

VA Energy Efficient Mortgages

The Veteran?s Administration (VA) EEM is available to qualified military personnel, reservists and veterans for energy improvements when purchasing an existing home.? The VA EEM caps energy improvements at $3,000 to $6,000.? Borrowers should ask their lender about a VA EEM at the beginning of the lending process. Click here for more information on the VA EEM.

By installing Fiberlite?s cellulose insulation, you can improve the energy efficiency of your home and save money month after month on your utility bills.

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