New York Mortgage Get more of a home for your money. Energy Efficient Mortgages find brokers, lenders and real estate agents.

Menu
 
 
 

 

Yorktown Westchester Real Estate

Did you know the average home produces twice as much greenhouse gas pollution through energy generation as the average car? Homes today are jam-packed with energy-draining appliances, and greater efficiency is needed.

 

Thanks to companies such as Fannie Mae and among others - A green mortgage for energy-efficient homes are available. These mortgages encourage wise energy use while rewarding the homeowner financially with a lower mortgage rate. .

New York Mortgage Also own your real estate.

Here you can find brokers, lenders, and real estate agents. Home energy ratings provide a standard measurement of a home’s energy efficiency. Ratings are used for both and new and existing homes. In new homes, ratings often verify energy performance for the ENERGY STAR homes program, Energy Efficient mortgages, and energy code compliance. Homeowners who want to upgrade the home’s energy efficiency can use the energy rating to evaluate and pinpoint specific, cost-effective improvements. For existing homes, homeowners can receive a report listing cost-effective options for improving the home’s energy rating. An energy rating allows a home buyer to easily compare the energy performance of the homes being considered.

Efficient Mortgages

  • The Energy Efficient Mortgage (EEM)

  • households spend less money on energy by offering incentives to purchase a more energy-efficient home.

  • To qualify for the EEM, existing homes must have a Home Energy Rating System (HERS) report to evaluate the energy efficiency of the home

In addition to saving the homeowner money, energy-efficient homes are less polluting and more comfortable ... and increase the resale value of the house.

 

  • This program is important because it offers low-income families the benefit of an environmentally efficient home by permitting an even lower down payment to the transaction. Energy Efficient Mortgage - the lesser of $500 or 1 percent of borrower's contribution to the transaction. Eligible borrowers must be at or below 100 percent of tpe area's median income, with exceptions granted for high-cost areas as defined by the U.S. Department of Housing and Urban Development (HUD). There are no income limits for. borrowers looking to purchase homes in are~s designated as underserved by HUD, in low- to moderate-income or minority census tracts, or in central cities. For more information on Fannie Mae green lenders or to receive more information on these programs, please visit faniemae to find your results.

  • According to one study, the typical homeowner spends $7,368 on transportation while spending $6,552 annually on shelter. The Smart Commute TM Initiative was created to reward homeowners who live within one quarter mile of a public transit bus stop or one half mile of a public transit rail station and who use these modes of transportation. Smart Commute TM lenders add a portion of the potential transportation savings to the, homeowners' qualifying income, increasing the buying power of the homeowner by about $10,000 with little or no down payment. For a one-wage-earner household this amounts to savings of an additional $200 per month and $250 per month for a two-wage-earner household. Thus, the saved earnings can help the homeowner to buy a more expensive yet more conveniently located home.

    • About Energy Efficient Home Mortgage

    The Energy Efficient Mortgage (EEM) that energy green efficient homes cost homeowners less to operate on a monthly basis than standard home mortgage because they use less energy. Home buyers who chose energy efficient homes can afford to spend more on their housing expenses because they will likely spend less on their energy costs. The EEM allows borrowers to qualify for a larger home mortgage as a result of the energy savings. The EEM benefits those buying new, energy efficient homes or those purchasing existing homes that need energy improvements.

    The EEM benefits the borrower in several ways. First, the estimated energy savings are added to the borrower’s income to allow the home buyer to qualify for a larger total home mortgage amount. Second, by increasing borrowing power, the EEM allows borrowers to include the costs of energy improvements into the total mortgage amount. 100% of the energy improvements, typically up to 15% of the value of the home, can be financed and paid for over the life of the mortgage, reserving the borrower’s cash for more immediate, move-in costs. Third, the value of the home is adjusted by the value of the energy efficient improvements.

    The EEM can be used for one-unit, single-family, owner occupied principal residences, PUDs, and condominiums. The homes may be new construction or existing housing.

    The EEM can be used for both purchase and refinance transactions. The standard EEM can be used for limited cash-out refinances.

     

    Green Mortgages Home Energy Ratings & Mortgage Rate

    Home energy ratings provide a standard measurement of a home’s energy efficiency. Ratings are used for both and new and existing homes. In new homes rating often verify energy performance for the ENERGY STAR homes program, energy efficient mortgages, and energy code compliance. Homeowners who want to upgrade the home’s energy efficiency can use the energy rating to evaluate and pinpoint specific, cost-effective improvements. For existing homes, homeowners can receive a report listing cost-effective options for improving the home’s energy rating. An energy rating allows a homebuyer to easily compare the energy performance of the homes being considered.

    There are two types of ratings:

    • Projected ratings – Ratings performed prior to the construction of a home or prior to the installation of energy improvements to an existing home.
    • Confirmed ratings – Ratings completed using data gathered from an on-site inspection, which could include performance testing of the home.

    Confirmed ratings involve an on-site inspection of a home by a residential energy efficiency professional, a home energy rater. Home energy raters are trained and certified by a RESNET accredited home energy rater training provider.

    The home energy rater reviews the home to identify its energy characteristics, such as insulation levels, window efficiency, wall-to-window ratios, the heating and cooling system efficiency, the solar orientation of the home, and the water heating system. Performance testing, such as a blower door test for air leakage and duct leakage, is usually part of the rating.

    The data gathered by the home energy rater is entered into a RESNET accredited computer program and translated into rating score. The home receives a score between 1 and 100, depending on its relative efficiency. An estimate of the home’s energy costs is also provided in the report. The home’s energy rating is then equated to a Star rating ranging from one star for a very inefficient home to five stars for a highly efficient home.

     

    Energy Mortgages

    An energy mortgage is a mortgage that credits a home’s energy efficiency in the home. For an energy efficient home, for example, it could mean giving the home buyer the ability to buy a higher quality home because of the lower monthly costs of heating and cooling the home. For homes in which the energy efficiency can be improved, this concept allows the money saved in monthly utility bills to finance energy improvements. This can qualify for a larger home mortgage and lower mortgage rate.

    There are two types of energy mortgages:

©2006 Website Designed By Westchester Web Design
efficient green mortgage Home energy ratings provide a standard measurement of a homes energy efficiency. Ratings are used for both and new and existing homes and a home mortgage. Ratings often verify energy performance for the ENERGY STAR homes program. Energy Efficient mortgages, and energy code compliance.