Energy Efficient Mortgages

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Do you know that there is a special mortgage program designed to help you build a better, more energy efficient home? The Energy Efficient Mortgage (EEM) program has been available since 1980 but has not received the publicity it deserves. An EEM provides the extra financing need for a more energy efficient home to those who may not be able to afford it otherwise. With an Energy Efficient Mortgage loan limits may be exceeded and no additional down payment is necessary. Energy Efficient Mortgages for new construction do not require you to have as much income as a regular construction loan.

How is this possible?

The Energy Efficient Mortgage program recognizes that you’re building a more affordable house. If a homeowner can make their home more energy efficient and save money one their energy bills each month, they have more money for a mortgage payment. Your monthly mortgage payment will be slightly more, but your energy bill savings will be even greater. You will actually be saving money.

How can you qualify?

Qualifying for an Energy Efficient Mortgage is easy. First, the home must be evaluated according to the Home Energy Rating System, which requires a home to exceed energy codes by 30 percent. The Home Energy Rating system awards stars on a scale of one to five. ECO-Block homes typically receive five stars, earning the designation of an Energy Star Home. In turn, this qualifies certain buyers for the Energy-Efficient Mortgage.

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