If you have been putting off making energy-efficient upgrades to your home because you are worried about the cost and think you can not afford them, now is the time to stop procrastinating and take advantage of the energy-efficient mortgage (EEM) program and a new tax credit for upgrades.
What is an EEM?
An EEM helps homeowners save money on utility bills by enabling them to finance the cost of adding energy efficient features to a new or existing home as part of their Federal Housing Administration (FHA) insured home purchase or refinancing mortgage.
EEMs are one of the most beneficial and under utilized programs that a homeowner can capitalize on in today’s market. EEMS’s are sponsored by federally insured mortgage programs (FHA and VA) and the conventional secondary mortgage market (Fannie Mae and Freddie Mac). Lenders can offer conventional EEMs, FHA EEMs, or VA EEMs. The first step in to have a CHEERS rates or another approved energy rater complete an analysis of your home and obtain a report, which you then submit to the lender.