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Energy Efficiency Mortgages (EEM)
EEM is a mortgage that credits a home’s energy efficiency in the mortgage itself. EEM gives borrowers the opportunity to finance cost effective, energy-saving measures as part of a single mortgage.
EEM requirements:
-Cost of improvements can be 5% of the property value (not to exceed $8,000) or $4,000, whichever is greater.
-Home Energy Rating Systems (HERS) must be developed by a qualified home energy rater who provides estimates of costs of the improvements and expected energy savings.
-Improvements must be completed within 90 days of closing and the lender will be responsible for inspection.
Types of improvements could be replacing the HVAC unit, chimney replacement or repair, adding insulation, replacing doors or windows and upgrading to energy efficient appliances.
Contact us for more information!!!
*Subject to lender approval* |
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404-386-0879
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