Financing Makes It Easy to Green Your Next Home

It’s easy to fall in love with a fixer-upper, especially if you’re a first-time homebuyer on a budget.  You see the character, charm, and potential of a home, but worry about the costs to modernize and upgrade it, right?

You’ve got more options than you think. The best time to undertake green home improvements — to transform a fixer into a comfortable home with lower utility bills – is during your new home purchase process. A new generation of innovative programs allows you to finance the cost of your renovations through your mortgage. That means one mortgage, one closing, and no additional money down. Talk to your lender about the following options:

FHA Energy Efficient Mortgage
Finance the cost of improvements through a current or new FHA mortgage for 1-4 unit existing single family homes and condos, with no additional income qualification or cash down. Can be used for a range of upgrades, from HVAC modifications to insulation and windows.

FHA 203k Loan
Finance a broad range of repairs and renovations—including energy efficiency upgrades—up to $35,000 for the 203 streamline or $150,000 for the 203K full. Improvements must be completed within 120 days of closing.

Escrow Holdback
This conventional financing option can fund up to 10% of the improved value of the home, or $25,000. Upgrades must be completed within 30 days of closing.

Fannie Mae HomeStyle Renovation Mortgage
This conventional home loan provides a convenient way for borrowers to make renovations, repairs, or improvements totaling up to 50 percent of the as-completed value of the property.

Fannie Mae HomePath Renovation Mortgage (REO or Real Estate Owned properties)
This conventional home loan provides an additional 20 percent of the purchase price or $30,000, whichever is less, to pay for a wide range of repairs to HomePath-branded homes owned by Fannie Mae.

Jumbo Renovation
Finance up to $250,000 in major renovations through your mortgage, from green upgrades to kitchen and bathroom remodels. Can be used only for primary, owner-occupied residences

 

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2 Responses to Financing Makes It Easy to Green Your Next Home

  1. Pingback: Financing Makes It Easy to Green Your Next Home | The House Agents

  2. Nick Tedesco says:

    Thank you very much for helping spread the word about financing options that homeowners have for greening their next home. Most people still think that solar power is still too expensive or that it takes too much money upfront. They don’t have to settle for an overpriced solar lease. You own your home, you should own your own power production as well.

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