Mortgage(EEM)

What is an Energy Efficient Mortgage?

An Energy Efficient Mortgage (EEM) is a type of loan that helps significantly lower the monthly utility bills of current or potential homeowners by enabling them to incorporate the cost of adding energy efficient improvements or solar into their new home or existing home. Under the FHA EEM Program, a borrower can finance into the mortgage 100 percent of the cost of eligible energy efficient improvements, subject to certain dollar limitations, without an appraisal of the energy improvements and without further credit qualification of the borrower.

203(k): Enables homebuyers to finance the purchase of a house and the cost of its rehabilitation through a single mortgage or to finance the rehabilitation of their existing home. You can receive an amount up to the greater of: 5% of the property's value (not to exceed $8,000) or $4,000
Solar Energy: The Mortgage is eligible for an increase of up to 20% in the maximum mortgage amount for the installation of solar energy equipment
Streamlined 203(k): Permits homebuyers to finance an additional $35,000 into their mortgage for Energy Efficiency Retrofits.
203(h): Enables homebuyers to finance an Energy Efficiency retrofit or Solar installation utilizing a standard 96.5% FHA insured loan

FHA Loans

Refinancing provides homeowners with a home performance financing solution where program-sponsored financing is not yet available. Homeowners enjoy the benefits of investing in their property year after year. For some, there comes a time when that investment can come in handy. Refinancing with an FHA loan can prove to be an effective way to put that equity to work.

FHA CASH-OUT REFINANCE: This refinancing option is especially beneficial to homeowners whose property has increased in market value since the home was purchased. Cash out refinancing allows homeowners to refinance their existing mortgage by taking out another mortgage for more than they currently owe
FHA STREAMLINE REFINANCE: This refinancing option is considered streamlined because it allows you to reduce the interest rate on your current home loan quickly and oftentimes without an appraisal