The Energy Efficient Program allows Conventional and FHA loans to add 100% financing of Energy Efficient Improvements to the loan during refinancing or the purchase of the home. You can find more information about buyer tips at The Silveria Team website. Certified HERS Energy Rating Inspection along with installation costs must be made part of your lenders paperwork before escrow closes. There will be no delaying the loan process or closing escrow due to the Energy Efficient Program.
If you are wondering how you begin the process the answer is as soon as possible after the seller has accepted your offer. Once your offer is accepted let your REALTOR and Lender know that you would like to take advantage of the Energy Efficient Program and Energy Rating Inspection. Since the cost of the improvements become part of your mortgage, the interest may be tax deductible. According to United States Department of Energy the national average of energy saving may be up to 50% a month on heating and cooling costs and up to 30% on the annual utility cost. If you would like to read buyer reports you may visit www.thesilveriateam.com for more information.
Eligible improvements available under the energy efficient program include:
- Central Heat & Air: Replace Old Wall Heat & Window Air with New Central Heat/Air.
- Windows: Replace single pane windows with Beautiful Dual Pane Windows.
- Doors: Exterior Insulated Solid Core Door and Dual Pane Sliding Glass Doors.
- Hot Water Heater: Replace the old existing Water Heater or install On-Demand Hot Water.
- Attic – Wall Insulation: Insulation is done of your most important Energy Saving Improvements.
- Solar and Renewables: Because the cost of Solar and Renewables usually exceed the funds available within the Energy Efficient Mortgage, the installed cost of Solar and Renewables may (at the lenders discretion) be financed within the streamline 203(k) Program.
- Other Available Energy Savers: Check the home and ductwork for Leaks Install Weather Stripping and Caulking, Florescent lighting.
Leave a Reply
You must be logged in to post a comment.