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Energy Efficient Loans with FHA
With a clear green energy mortgage vision, FHA has endorsed energy efficient loans for homeowners looking to improve their homes with cost-effective appliances that save money and promote conservation.
Energy Efficient Mortgage Plans: These loans are allowed for improvements to existing and new construction properties to increase their energy efficiency. With FHA, financing is the greater of 5% of the loan or $4,000, with the maximum capped at $8,000. Read more about Energy Star info for mortgages.
To get an EEM an applicant has to obtain a home energy rater and conduct a home energy rating before the loan program is approved. This rating verifies for the loan company that as long as the property is considered energy-efficient.
The Federal Housing Administration offers several terms with affordable rates.