TAKE A LOOK!
HERE ARE 2 LITTLE KNOWN LOAN PROGRAMS THAT WILL MAKE YOUR JOB EASIER!
(MAKE SURE YOU SCROLL DOWN TO SEE UPCOMING CE CLASSES I AM TEACHING)
#1 FHA ENERGY EFFICIENT MORTGAGE OR FHA EEM
This fantastic FHA loan allows a borrower to finance 100% of the cost of eligible energy efficient improvements into their mortgage ~ up to $8,000 depending on the cost of the home.
FACTS:
· 1-4 unit properties
· Work and installation must be completed within 90 days
· No requirement for additional appraised value to cover EEM and maximum loan limit may be exceeded by amount of improvements
· FHA standard qualifying ratios may be exceeded
· May go above and beyond the $35,000 for 203k streamline
· Requires Home Energy Rating System Report by HERS consultant
ELIGIBLE IMPROVEMENTS INCLUDE:
· Replacing a furnace/cooling system
· Fixing or replacing a chimney
· Insulating an attic, crawl space, and or pipes/air ducts
· Replacing doors and windows
· Installing solar technology
· Water Heaters
· Metal/Asphalt Roofs
Go to links below for more details.
Michael Chelst, Branch Manager, College Park, MD 301-254-7636
Homestead Funding Corp is an FHA/EEM HUD approved lender.
#2 VA ENERGY EFFICIENT MORTGAGE OR VA EEM
This is a little known VA loan that allows borrowers to finance 100% of the cost of eligible energy efficient improvements into their mortgage ~ up to $6,000.
FACTS:
· 1-4 unit properties
· Work and installation must be completed within 90 days
· No requirement for additional appraised value to cover EEM and maximum loan limit may be exceeded buy amount of improvements
· VA maximum loan limit may be exceeded by amount of improvements
· Up to $3,000, no HERS consultant report required
ELIGIBLE IMPROVEMENTS INCLUDE:
· Replacing a furnace/cooling system
· Insufficient insulation
· Replacing doors and windows
· Water Heaters
· Any feature in that home that compromises its Energy Efficiency
Go to links below for more details.
Michael Chelst, Branch Manager, College Park, MD 301-154-7636
Homestead Funding Corp is a direct seller servicer for VA.
