I just added a page to the NWILoanGuy website the other day on the FHA Energy Efficient Mortgage Program. This is a very beneficial program that is offered to Indiana Homeowners, as well as homeowners in other states. The Department of Housing and Urban Development describes the program as follows:
FHA’s Energy Efficient Mortgage program (EEM) helps homebuyers or homeowners 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.
In effect, you are able to finance the costs of making improvements that would save energy costs over the long run. The great part is that due to very low interest rates currently, the finance costs are very low and the savings will come much quicker.
The great news is that if you qualify for a standard FHA-backed loan, you will probably qualify for this program which will allow you to borrow more than the cost of the home when the cost of the energy efficient improvements are factored in.
To get more information and see how to apply, visit the NWILoanGuy website.
Scott
Your Indiana mortgage expert specializing in FHA, VA, and USDA Rural Development loans.