FHA Loans for Homebuyers
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FHA Refinancing
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Need to Know
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FHA Programs for Homebuyers
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FHA Energy Efficient Mortgages
The FHA Energy Efficient Mortgages Program (EEM) is designed to help achieve national energy-efficiency goals
(and reduce pollution), and to provide better housing for people who might not otherwise be able to afford it.
To achieve this goal, the FHA Energy Efficient Mortgage Program helps current or potential homeowners significantly
lower their monthly utility bills by enabling them to incorporate the cost of adding energy efficient improvements
into their new home or existing housing, into their mortgages.
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Now is the time for an
FHA HOME LOAN
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The FHA Energy Efficient Mortgage Loan program eliminates the need for homeowners to take an additional mortgage
loan to cover the cost of energy-improvements to their property. The program is available as part of an FHA
insured home purchase or by refinancing your current mortgage loan.
Considering the savings on monthly utility bills when determining how large a mortgage the household can afford,
as many as 250,000 more new homebuyers could qualify for FHA Energy Efficient Mortgages Program per year,
according to a 1986 study by the Joint Center for Housing Studies. One of them could be you.
FHA Makes Energy Efficiency a Way Of Life
It is our government's goal to encourage energy efficiency and conservation. The FHA Energy Efficient Mortgage Loan
program creates a way for homeowners to make valuable improvements to their homes at a relatively low cost.
By serving as an umbrella under which lenders have the confidence to extend loans to those who may not meet
conventional loan requirements, FHA mortgage insurance allows individuals to qualify who may have been previously
denied for a home loan by conventional underwriting guidelines. It also protects lenders against loan default on
mortgages for properties that include manufactured homes, single-family and multifamily properties, and some
health-related facilities.
FHA EEM Availability
FHA Energy Efficient Mortgage Loan program is one of many FHA programs that insures mortgage loans and thus
encourages lenders to make mortgage credit available to borrowers who would not otherwise qualify for conventional
loans on affordable terms (such as first time homebuyers), and to residents of disadvantaged neighborhoods
where mortgages may be hard to get.
FHA Energy Efficient Mortgages can be used with FHA Section 203(k) rehabilitation program; in this case the
Energy Efficient Mortgage generally follows the Section 203(k) rehabilitation program's financing guidelines.
Borrowers who qualify for FHA's popular Section 203(b) fixed-rate mortgage loan may finance up to 97 percent
of their home loan. They are also able to fold their closing costs and the up-front mortgage insurance premium
into the total cost of the loan.
FHA EEM Eligibility
The Energy Efficient Mortgage Loan program is available to anyone who meets the income requirements for
FHA's Section 203(b) and is able to make the monthly mortgage payments. The cost involved in adding
energy efficient features to the home and an estimate of the energy savings must be determined by a home
energy rating system or a qualified energy consultant. Up to $200 of the cost of the energy inspection
report may be included in the mortgage. Cooperative units are not eligible. Individual condominium units
may be insured if they are not in projects that have been approved by FHA or the Department of Veterans
Affairs, or they meet certain Fannie Mae guidelines.
FHA Energy Efficiency
FHA Energy Efficient Mortgages (EEMs) can make it easy to accomplish energy-efficient improvements in one- or two-unit
existing and new homes. FHA EEMs can be included in a borrower's mortgage only if their total cost is less than
the total dollar value of the energy that will be saved during their useful life. The cost of the improvements
that may be eligible for financing as part of the HUD mortgage is either 5 percent of the property's value
(not to exceed $8,000) or $4,000 -- whichever is greater.
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to Buying a Home with an FHA Loan
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> FHA Step 1
How much can you afford?
> FHA Step 2
FHA says, "Know your rights."
> FHA Step 3
Shop for an FHA loan.
> FHA Step 4
Shop for a place to call home.
> FHA Step 5
Make an offer for the home.
> FHA Step 6
Get a home inspection.
> FHA Step 7
Your homeowners insurance.
> FHA Step 8
Sign on the dotted line and move in.
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Receive cash back and save money when you buy or sell your home.
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Get a VA loan to buy a home, to build a home, to refinance your mortgage, or to simultaneously purchase and improve a home.
VA Mortgage News
Browse through articles about
VA home loan programs,
VA benefits, home buying and selling,
VA mortgage shopping
and insurance.
Pioneer Military Loans
Serving the military community with personal loans from $500 to $10k.
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