Green Mortgages
Favorable Mortgages Dedicated To Aiding Home-buyers Who Buy Energy-Efficient Homes, Are Available.
For a Zero Energy Home with Green Construction, a Green mortgage would not only be at a lower interest rate (not available in all states but coming soon) but will give you more borrowing power due to having having less expenses (little or no gas and electricity bills) in addition to tax credits and rebates from the government. Contact Sales Management for further information.
The average home produces twice as much greenhouse gas pollution through energy generation as the average car. Homes today are jam-packed with energy-draining appliances, and greater efficiency is needed. Mortgages for energy-efficient homes are available; these mortgages encourage wise energy use while rewarding the homeowner financially.
Fannie Mae buys mortgages in the secondary mortgage market, thereby freeing up capital for more mortgages. Furthering Fannie Mae's mission to increase home ownership, it has developed two programs to support this mission as well as encourage wise energy use. The Energy Efficient Mortgage (EEM) program encourages households to spend less money on energy by offering incentives to purchase a more energy-efficient home.
Fannie Mae provides this service because it wants to attract consumers who choose to purchase a new or renovated energy-efficient home, which in turn allows the home buyer to spend more on housing expenses. A Schmidt Luxury Zero Energy Home can save a home owner up to 100% of home energy costs. The estimated dollar savings of an energy-efficient house are added to the borrower's income thereby qualifying the home buyer for a larger mortgage. By increasing borrowing power, the EEM allows borrowers to fold the costs of energy improvements into the total mortgage amount. To retain the borrower's cash for more immediate costs, 100 percent of the energy improvements and 15 percent of the value of the home can be paid for and financed over the duration of the mortgage. In addition to saving the homeowner money, energy-efficient homes are less polluting and more comfortable, require less maintenance, and increase the resale value of the house.
