Energy Efficiency Loans (EEMs) are a huge opportunity for people who pay attention and who use their wits. People get used to doing the same old things- the same old way, and well EEM are different. They have a few more parts to them than the old fashioned musty and stale mortgage and the have a very precise use. The are used to improve home efficiency.
This of them as cell phone technology in the age of dial phones. Everybody is just pleased with the status quo and don’t even understand or have an inkling about the new wireless technology available.
OK, that might be a little overstated, but EEMs are cool and way underused. The are a means where people can pay less money every month to live in their home, even though the have a bigger mortgage. The utility cost have gone down more that the mortgage costs have gone up. And this is not the exception. It is the rule. EEMs are configured by experts in a process that determines they are good value… i.e. save you real money.
Why are EEMs such a hidden asset? Well here is a short answer. There is a longer one here.
Real estate agents do not like to murkefy the water when you want to buy a house. Options for you might confuse you, set you on a different course and poof their transaction goes up in smoke. Might this happen? Maybe, but smart agents who are watching out assiduously for home buyers want them to know their options, to give them every opportunity to get their best fit. I feel that if real estate agents were a little more driven to be customer centric that more home buyers would be impressed and give them more referrals.
Bank loan officers like cookies and ice cream and love easy ways to make loan processing go smoothly. EEMs create work schedules and require coordination of effort between various disciplines. This means more work and more ways for a deal to become complex and require leadership skills to get it done. These potential rough edges are not what most bankers want to deal with. They like driving down the middle of the road on a smooth highway.
This leaves you, yes, you in the drivers seat. And, really isn’t that right where you would like to be? This is your chance to ask and cajole and get the people you work with, who are going to be paid out of your transaction- whose money will come out of your future net worth- to tell them what you want and ask them how you get it.
Here is a little more background of EEM loans.
The FHA- Federal Housing Administration- is the largest mortgage insurer in the world. The FHA has a national interest in the quality of neighborhoods and communities and how well those homes last and how much energy these homes need to keep American warm in winter and cool in summer.
The Energy Efficient Mortgage program (EEM) helps home buyers finance the cost of adding new energy efficiency features to an existing home they are purchasing or help homeowners save money on utility bills by enabling them to finance the cost of adding energy efficiency features with an FHA insured refinancing mortgage.
You do not have to qualify for the additional money provided by the EEM and no additional down payment is required to cover it. And to reiterate, the mortgage loan is funded by a lending institution. So you can go to your favorite mortgage company, bank, or savings and loan association, borrow the money and the mortgage is insured by HUD. FHA insures loans. FHA does not provide loans.
To apply for an FHA insured energy efficient mortgage, contact an FHA approved lender. You can search for FHA lender Fort Worth or Whatever in the search box above and start tracking down answers. Good luck. You will be happy when you get the processes started and you will be more comfy when all is said and done. What will you do with the money you save each month?
Concerned about credit reports and don’t want to apply for a loan? Well, there is money for weatherization of homes. You can find more information here. There are low income restrictions, but these are strange times… Just get done what you need to protect your family and your assets, and don’t be shy. No one watches out better for you that you will or can do.
Any thoughts or questions, add a comment below.