FHA Energy Efficient Mortgage for Sunnyvale, CA Home Buyers & Home Owners

 

FHA's Energy Efficient Mortgage program (EEM) helps Sunnyvale, CA  homebuyers or homeowners save money on utility bills. This is done by enabling them to finance the cost of adding energy efficiency features to their house as part of their FHA insured loan.

EEMs recognize that reduced utility expenses can permit a homeowner to pay a higher mortgage to cover the cost of the energy improvements on top of the approved mortgage. FHA EEMs provide mortgage insurance for a person to purchase or refinance a principal residence and incorporate the cost of energy efficient improvements into the mortgage. The borrower does not have to qualify for the additional money and does not make a downpayment on it.

Eligible Activities:

EEM can be used to make energy efficient improvements in one to four unit existing and new homes in Sunnyvale. The improvements can be included in a borrower's mortgage only if their total cost is less than the total dollar value of the energy that will be saved during their useful life.

 

The cost of the energy improvements and estimate of the energy savings must be determined by a home energy rating report that is prepared by an energy consultant using a Home Energy Rating System (HERS). The cost of the energy rating report and inspections may be financed as part of the cost effective energy package.

The energy improvements are installed after the loan closes. The lender will place the money in an escrow account. The money will be released to the borrower after an inspection verifies that the improvements are installed and the energy savings will be achieved.

If you are looking for an FHA approved lender in Sunnyvale who could offer more information on FHA EEM program and other loan programs, please contact me at shashank@arcuslending.com

 

______________________________________________________________________________________________________

Shashank Shekhar

Mortgage Broker/Banker | San Jose, CA

(408) 615-0655 | Shashank@ArcusLending.com

Ranked among Top 150 Loan Officers and Top 40 under 40 Most Influential Mortgage Professionals in the Country

Check out our 5 Star Review on Google Places and Yelp

Connect on Facebook Follow me on Twitter Watch me on YouTube 

Comment balloon 0 commentsShashank Shekhar • January 03 2010 01:28PM

Comments

Participate