{"id":15777,"date":"2012-11-12T16:48:18","date_gmt":"2012-11-12T22:48:18","guid":{"rendered":"http:\/\/thelehighacresgazette.com\/news\/?p=15777"},"modified":"2012-11-12T16:48:18","modified_gmt":"2012-11-12T22:48:18","slug":"do-you-qualify-for-an-fha-energy-efficient-mortgage-program","status":"publish","type":"post","link":"https:\/\/thelehighacresgazette.com\/news\/2012\/11\/do-you-qualify-for-an-fha-energy-efficient-mortgage-program\/","title":{"rendered":"Do You Qualify For An FHA Energy Efficient Mortgage Program?"},"content":{"rendered":"

\"\"<\/a>Most home buyers need assistance when it comes to qualifying for a mortgage and saving money on all related costs to home ownership. Here in southwest Florida, our largest energy cost is air conditioning. Did you know there is an Energy Efficient Mortgage Program that as a buyer you just might qualify for? This is an FHA program that can help home buyers and those wishing to refinance as well.<\/p>\n

The Energy Efficient Mortgage Program (EEM) assists homebuyers or homeowners by enabling them to finance the cost of adding energy efficient features to either a home they are purchasing through their FHA insured home purchase or their existing home when they refinance. This will help you save money on your utility bills. Who doesn’t want to save money and reduce their home energy costs?<\/p>\n

Congress mandated a pilot program to demonstrate the effectiveness of EEMs in five states in 1992. They wanted to see if the program would be accepted and implemented by enough homeowner’s to make it really work. In 1995, the pilot program was expanded to become a national program. So, what’s in it for FHA? Reduced utility expenses mean a homeowner will have the ability to pay a higher mortgage to cover the related costs of the energy improvements stacked on top of the approved mortgage. FHA EEMs insure the mortgage and incorporate the cost of energy efficient improvements into the mortgage. Lenders, such as banks, mortgage companies, or savings and loan association will have to qualify you for this program. HUD insures loans as well as FHA but they do not lend money. You will not have to qualify for the additional money for the energy efficient features and you will not have to make a down-payment on the funds.<\/p>\n

An EEM is one of many FHA programs that lenders can qualify you for to make mortgage credit available to borrowers who might not otherwise qualify for a conventional mortgage loan. One of FHA’s popular programs is a Section 203(b) Mortgage Insurance for one to four family homes (residential homes). Those that are eligible can qualify for approximately 96.5 percent financing, and are able to add the upfront mortgage insurance premium to the mortgage. The borrower must also pay an annual premium. An EEM can also be used with the FHA Section 203(k) rehabilitation<\/a> program and pretty much follows the financing guidelines for that program. There is also a program for those not purchasing or refinancing. Energy efficient housing rehabilitation activities that borrowers may also consider is HUD’s Title I Home Improvement Loan <\/a>program.<\/p>\n

How to apply for an EEM:<\/p>\n

To apply for an FHA insured energy efficient mortgage, contact a local FHA approved Lender<\/a>g<\/p>\n","protected":false},"excerpt":{"rendered":"

Most home buyers need assistance when it comes to qualifying for a mortgage and saving money on all related costs to home ownership. Here in southwest Florida, our largest energy… <\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[103],"tags":[],"_links":{"self":[{"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/posts\/15777"}],"collection":[{"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/comments?post=15777"}],"version-history":[{"count":0,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/posts\/15777\/revisions"}],"wp:attachment":[{"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/media?parent=15777"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/categories?post=15777"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thelehighacresgazette.com\/news\/wp-json\/wp\/v2\/tags?post=15777"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}