What is the energy efficient mortgage program?

FHA’s Energy Efficient Mortgage program (EEM) helps families save money on their utility bills by enabling them to finance energy efficient improvements with their FHA-insured mortgage. … Cost-effective energy improvements can lower utility bills and make more income available for the mortgage payment.

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Just so, how do I qualify for an energy efficient mortgage?

To obtain an EEM a borrower typically must have a home energy rater or other trained professional conduct a home energy assessment or rating before financing is approved.

Consequently, how do energy efficient mortgages work? An energyefficient mortgage (EEM) is a type of home loan that allows a homebuyer to finance the cost of an energyefficient house or cover what it would cost to make energy improvements to a house. … In these cases, borrowers qualify for larger mortgages than they would otherwise.

Moreover, what is a VA energy efficient mortgage?

The VA Energy Efficient Mortgage (EEM) is a special loan program which helps homeowners to finance the cost of these energy-efficiency improvements. … Eligible military borrowers can use the EEM loan for projects of all sizes, and the mortgage rates available are the same low rates available with all VA mortgage loans.

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