Energy Efficient Mortgages | MD,DC VA,FL

There is a loan available to many homeowners and almost no one seems to know about it. Even in today's' very strict mortgage market it's possible to lower your interest rate, obtain money for certain home improvement upgrades and not submit income or even have an appraisal. Sound too good to be true? Well there are a few catches but these are important loans and people need to know more about them. They are called energy efficient mortgages or EEM'S.

They are offered thru both FHA and VA and are for existing homes only.

Who benefits from an EEM? Well the better question is who doesn't?
You can obtain money for cost effective energy savings that can be financed into the mortgage.

This was an older home can be made more efficient and save you thousands over the life of the loan in lower energy bills.

There are more relaxed qualifying ratios for an EEM.
You can qualify for a larger loan amount using an EEM

Sellers can use these loans to sell the home more quickly and make the home more affordable to a larger pool of buyers.

Most importantly this helps the environment/ The EEM is estimated to reduce greenhouse gases by 2-4 tons PER YEAR.

If you already have an FHA or VA loan you can get up to a maximum of $8,000 for these energy efficient upgrades. Your payment can even go up as long as you are saving more in the energy savings on a monthly basis. You can do these loans with a credit score as low as 620 but your rate will improve if you have a score greater than 660. You qualify with standard FHA or VA guidelines and there is no increase in the rate with these types of loans,

Here are just a few of the upgrades/repairs that will qualify for the new mortgage.

Acceptable energy efficiency improvements include but are not limited to:
- Solar heating and cooling systems, including water heating
- Caulking and weather-stripping
- Furnace efficiency modifications
- Programmable thermostats
- Insulation
- Storm or thermal windows and/or doors
- Heat pumps
- Vapor barrier

You must have a HERS report to gauge exactly what savings you can expect. This is an independent report than can be included in the closing costs and therefore not of your pocket directly.

You must use all funds within 90 days and escrow can be used to hold the funds until the repairs are completed.

These loans are available in all 50 states and DC and remember the key features again if you already have a government loan:

Loan limits may be exceeded on the FHA limit per county
No re-qualifying if you have a government loan currently
No additional down payment

No new appraisal. Saving you both time and money.

You can use this loan on FHA, VA, Jumbo and conventional loans.
For conventional loans different rules apply but it can be done.
You will need an appraisal however.

Fannie Mae secondary market guidelines allow lenders to increase DTI ratios up to 2% with EEM. This could be crucial if the borrower is "maxed out" on qualifying ratios.

I know which banks have these loans, not all do and I also know which lenders allow higher or lower credit scores and debt loads.

Please contact me at 301-881-8900x123 or email me at brent@choicefinance.net for more information. I look forward to saving you money and the environment at the same time.

Please also refer to www.energystar.gov/index.cfm?...energy_efficient_mortgage
for further information of a more general nature of what benefits these loans can offer the enviroment.


Thanks,