Energy Efficient Mortgage Program Discussed
HOME LOANS, SHASTA COUNTY, TIPS FOR BUYERS
March 9th, 2010
Jonathon Bell, mortgage banker with US Lending in Redding, briefed Realtors on a loan program that allows home buyers to secure a loan to buy and upgrade a home simultaneously using an Energy Efficient Mortgage (EEM). The investor for the loan allows the borrower to add funds into the loan to complete energy efficient retrofits. Most homes built prior to 1994 will qualify.
The concept allows the home buyer to borrow slightly more than they might otherwise qualify for because the higher payment will be offset by lower utility bills. The borrower must pay for a home energy audit using a local HERS (Home Energy Rating System) auditor at a cost of about $350. A report will be produced detailing which energy efficient improvements qualify for the loan program. Monthly energy savings must exceed the additional mortgage payment costs.
Common items covered include windows, HVAC systems, insulation and weatherization of doors, windows, pipes and walls. Water heaters and energy efficient appliances may also be candidates for replacement. Once the buyer selects the items to be upgraded, the loan amount is adjusted to cover the labor and material costs, the loan is closed and funds are held to pay contractors upon completion of the work.
Other benefits to an EEM may include:
- Federal Tax Rebates
- City Utility Rebates
- P,G&E rebates
Check with your tax preparer and utility providers for specific programs and rebates. Homes to be built may qualify for an EEM if additional upgrades are desired above current building codes.
For more information, call Jonathon at 530-356-8658.
530-224-6767 or 530-941-7492
BRAD GARBUTT
REALTOR/BROKER ASSOCIATE
REAL LIVING REAL ESTATE PROFESSIONALS
CORNER OF COURT AND PLACER IN REDDING
MORE THAN 25 YEARS LOCAL SALES EXPERIENCE
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