Wouldn't it be nice to be able to add "green" features to your home as soon as you buy it and be able to finance the expense so it doesn't come out of pocket? Well guess what, you can! Let me introduce to you the FHA Energy Efficient Mortgage Program.FHA's Energy Efficient Mortgage Program (EEM) helps home buyers orhomeowners save money on utility bills by enabling them to finance the cost of adding energy efficiency features to new or existing housing as part of their FHA insured home purchase or refinancing mortgage.
When selling homes in urban Denver, especially around Highlands and Wash Park,the majority of the homes are older, many pushing 100 years old or more. Many of these homes have rundown, terribly inefficient furnaces and hot waters. Almost none have the right amount of insulation and while we are seeing solar panels pop up, very few actually have new solar systems already installed. So if you are going to be replacing these systems anyway, why not upgrade to the energy efficient models and save some serious money on utility bills down the road? Sure the upfront cost will be higher, but with this EEM program, you can roll it into your mortgage and not only save out of pocket expense, but help the environment at the same time.
For more information about this program, visit the HUD website here. And if you want to speak with a lender about the possibilities of this type of mortgage, let me know and I can put you in touch with a lender who has a plenty of experience closing this great product.
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