FHA Energy Efficient Mortgage Program

FHA Energy Efficient Mortgage Program

FHA Energy Efficient Mortgage Program

One of the most interesting programs that FHA has implemented is the FHA Energy Efficient Mortgage Program. The purpose of this program is to help homeowners finance the cost of energy saving features to their current home, or new housing. So, to be clear, this loan can be part of a purchase or a refinance.

In 1992, FHA tested this program in five different states to see how it would work, and in 1995 the program became available in all states. The FHA Energy Efficient Mortgage is a catalyst to enable a homeowner to pay a high mortgage due to the lower utility bills. The mortgage also allows for mortgage insurance in order to make up for the cost of the energy efficient program as well.

I know you are wondering if there is a stipulation on getting the mortgage, but there isn't. There is no prequalification process to be a part of the FHA Energy Efficient Mortgage program, and it's not something that you have to make a down payment on. This loan is essentially the same as any other FHA loan that you would do, in which you would just need to secure financing from your FHA approved lender.

The Energy Efficient Mortgage is just another FHA program available to those who normally wouldn't qualify for a conventional loan. Adding energy efficient features to a home can be expensive especially when done separately over time, when now you can take care of them upfront when buying, or if you decide to refinance your home. The great thing is, that even if you are not currently in an FHA mortgage, you can refinance into one, so should you decide that you want to upgrade into an FHA Energy Efficient Mortgage you can.

The Energy Efficient Mortgage can also be used in combination with the 203b rehabilitation program with FHA. This enables buyers or those who wish to refinance to modernize their home by financing it into their loan. There is also a home improvement loan through HUD Title I, that is available to those who don't necessarily need to refinance, but just do some repairs to the home. HUD insures the loan for loss on any improvements the homeowner makes. The loan can be a small loan, or up to as much as $25,000. While this option is available, it's wise to only really try to access what you need. Keep in mind that for these programs, the lenders are usually looking for good credit history and the ability to repay the loan in regular monthly installments.

For more information on FHA home loan options, visit www.fhaloansnow.net.

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