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Florida Green Loan
Energy Efficient Mortgage, EEM,
Green Loan
Florida Green Loan
Energy Efficient Mortgage, EEM,
Green Loan
Doing Our Part To Go Green
If you're thinking of refinancing your home to pay for your remodel,
or you want to buy a house and fix it up, you can get an
energy-efficient mortgage (EEM) to cover the costs of energy
upgrades. These mortgages let you roll the cost of those improvements
into your home loan. With a really well-designed EEM, you end up
not spending a cent for the energy measures.
There are EEMs for remodeling (in some areas these are called
energy improvement mortgages, or EIMS) and others for purchasing
houses that are already considered energy efficient. The latter
allows homebuyers to qualify for more house with less income
because utility bills will be low.
If you are remodeling your home with the intention of selling it,
remember energy efficiency adds value. You can get an EEM to do the
upgrades, then sell your home at a higher price to a buyer who
is taking advantage of an EEM to buy an energy-efficient home!
Energy Star Home EnergyYardstick What's your Score
Home Energy Saver
The first web-based do it yourself audit tool
Contact Us about the
EEM/FHA Mortgage
Cost Savings with an
Energy-Efficient Mortgage
Compare the monthly housing costs of a remodeling EEM against
those of a standard loan, both secured through the Federal Housing
Authority.
| Loan-Related Expense | Standard Loan | EEM |
| Purchase Price | $100,000 | $100,000 |
| Cost of Energy Improvements | n/a | 4,000 |
| Adjusted Purchase Price | 100,000 | 104,000 |
| Mortgage Loan Amount 100% | 100,000 | 104,000 |
| Monthly Principal Interest | 730 | 759 |
| Monthly Taxes and Insurance | 150 | 150 |
| Total Monthly Mortgage | 880 | 909 |
| Monthly Utilities | 126 | 71 |
| Total Monthly Housing Expense | 1006 | 980 |
Benefits to the Homeowner:
Tax Credit For your Energy -Efficient Improvements through 2010. For improvements made in 2009 and 2010, you can get an income tax Who gets it? Individuals who install specific energy-efficient home What energy-efficient home improvements are eligible? The overall Contact Us about the Home Energy Rating Systems (HERS) Council US Department of Energy US Environmental Protection Agency
Up to 30% of the improvement to a
max of $3000.
credit of up to $1,500 for installing efficient new windows, insulation,
doors, roofs, and heating and cooling equipment in your home. However, efficiency criteria will vary dependant on when these items are "placed
in service" (installed).
improvements.
$1,500 cap can be reached in several ways with the purchase and
installation of energy-efficient products that meet certain efficiency
criteria:
Federal
Incentives/Policies for Renewables & Efficiency
EEM/FHA Mortgage
More Resources for the Energy Efficient
Mortgage Programs
Energy Rated Homes of America (RESNET)
12350 Industry Way, Suite 208
Anchorage, AK 99515
Phone: 907-345-1930
E-Mail: resnet@corecom.net
WWW: http://www.natresnet.org//RESNET.htm
1511 K St., NW, Suite 600
Washington, DC 20005
Phone: 202-638-3700 ext.202
E-Mail: HERS@aecnet.com
WWW: http://www.hers-council.org/
Office of BTS, EE-40
1000 Independence Ave., SW
Washington, DC 20585-0121
Phone: 202-586-7819
E-Mail: John.Reese@hq.doe.gov
WWW: http://www.doe.gov/
ENERGY STAR Homes Program
401 M St., SW, MC 6202J
Washington, DC 20460
Phone: 888-STAR-YES
WWW: http://www.epa.gov/energystar_dat.html
Member of Florida Mortgage Professionals Association
Member of The National Association of Mortgage Brokers
*Licensed Correspondent Lender in the State of Florida
Licensed Mortgage Broker in the State of Florida
Registered Better Business Bureau of South Florida