Energy Efficient Mortgage EEM Money is Available Now

Want a $25,000 Remodel?

Energy Efficient Mortgage

Pays for Itself With Electric Bill Savings

How would you like to give your home an energy efficiency make over? To expensive, right? What if I told you that renovation would pay for itself, no money down, with saving from your energy bills. Does it sound to good to be true? It's not! Unheard-of programs are available today for people purchasing homes. And they available to homeowners as well.

I'm talking about new Windows, new Heating and Air Conditioning equipment installed, a new Solar Panel Energy System, Insullation, Electricity Upgrades, new water tank, even new Appliances! Up to $25,000 worth of home improvements.

If you are purchasing a 1-4 unit residential property (a home or small apartment building) or if you refinance your home with a minimum of 20% equity, I have great news for you! You may be eligible to roll the cost of an energy efficient remodel into your mortgage and pay for it solely with energy bill savings. I know it sounds too good to be true. But it is real and not a lot of people know about this great program funded by the US Department of Housing and Urban Development, called Energy Efficient Mortgage.

Ask your Realtor to get you started with $250 toward an energy audit. Your Realtor is in a position to give you $250 free money to get an energy audit on the property through REAP, the Realtors Energy Audit Program.

Home energy audits help homeowners identify improvements they can make to their home to reduce their monthly utility bills. Improving the energy efficiency of your new home is a great way to counter rising energy costs and make your home more affordable.

To qualify for REAP homeowners must:

• Use the home as a primary residence
• Conduct a HERS home energy audit of the home prior to close of escrow (as part of the Energy Efficient Mortgage*) or no later than 60 days after escrow.
• Use a California Realtor in the transaction.

 

The Realtor’s Association hopes that this new program will help California homebuyers realize that an energy efficient home saves money. Additionally, home energy efficiency upgrades can now be financed into new purchase mortgages, or even new refinance mortgages (under certain circumstances).

The program is sponsored by the Realtor Housing Affordability Fund which is dedicating $250,000 towards this effort. If you are planning on purchasing a home in the coming months and are interested in applying for the REAP rebate just request an application from your California REALTOR®. For more information, including eligibility and application requirements, please visit www.car.org