EcoEnergy Programs

FHA's Streamlined 203(k) program permits homebuyers to finance up to an additional $35,000 into their mortgage to improve or upgrade their home before move-in. With this established loan product, homebuyers can quickly and easily tap into cash to pay for property repairs or improvements, such as those identified by a home inspector or FHA appraiser.

Section 203(k) fills a unique and important need for homebuyers. When buying a house that needs repair or modernization, homebuyers usually have to follow a complicated and costly process. The interim acquisition and improvement loans often have relatively high interest rates, short repayment terms and a balloon payment. However, Section 203(k) offers a solution that helps both borrowers and lenders, insuring a single, long term, fixed or adjustable rate loan that covers both the acquisition and rehabilitation of a property. Section 203(k) insured loans save borrowers time and money. They also protect the lender by allowing them to have the loan insured even before the condition and value of the property may offer adequate security.

Non Structural Improvements Allowed:

Solar Water Heater                  Solar Panels (PV)

Flooring                                 Low VOC paint

Kitchen & Bath                        Electrical & Plumbing

Septic & Wells                         Decks & Roofs

Windows                                Insulation

EnergyStar Appliances              Furnace & AC

FAQ: http://www.hud.gov/offices/hsg/sfh/203k/faqs203k.cfm

HELOC, or home equity line of credit is a loan set up as a line of credit for some maximum draw, rather than for a fixed dollar amount. 

For example, using a standard mortgage you might borrow $150,000, which would be paid out in its entirety at closing. Using a HELOC instead, you receive the lender’s promise to advance you up to $150,000, in an amount and at a time of your choosing. You can draw on the line by writing a check, using a special credit card, or in other ways.

Most HELOCs are second mortgages. An increasing number, however, are first mortgages, as yours would be if you used it to refinance your existing first mortgage. Using a HELOC as a substitute for a first mortgage can save a lot of money in the short-run.

EEM             NOW UP TO 5% OF APPRAISED VALUE

FHA's Energy Efficient Mortgage program (EEM) helps homebuyers or homeowners save money on utility bills by enabling them to finance the cost of adding energy efficiency features to new or existing housing as part of their FHA insured home purchase or refinancing mortgage.

EEM is one of many FHA programs that insure mortgage loans--and thus encourage 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). Borrowers who obtain FHA's popular Section 203(b) Mortgage Insurance for One to Four Family Homes are eligible for approximately 97 percent financing, and are able to fold closing costs and the upfront mortgage insurance premium into the mortgage. The borrower must also pay an annual premium.

EEM can also be used with the FHA Section 203(k) rehabilitation program and generally follows that program's financing guidelines. COMBINE THE 203K and the  EEM for up to $60K of upgrades for a $500K home, all included in the 30 year fixed mortgage.

Tax Credits

Federal Tax Credits for Energy Efficiency are now available for home improvements. 30%, of improvements may be used as a tax credit up to $1,500 for standard improvements.     There is no cap for solar or wind generation equipment.    Click here for detailed information: http://www.energystar.gov/index.cfm?c=products.pr_tax_credits#s1

Product Rebates

In collaboration with local merchants we can provide purchasing discounts on green products for your home.  Please refer to the links below for a detailed explanation of the rebates available.

Land and Construction Loans

Land loans by themselves require a large percentage down payment in today’s market.  When the land acquisition is made at the same time that the plans and costing for home construction are established, significant cost savings are available.  Please contact Rick directly for more details.