Home » What is an Energy Efficient Mortgage (EEM)?
As the single largest housing expense after a mortgage payment, utility costs can have a direct impact on how large of a mortgage a homebuyer can afford. Buyers can save money on the cost of utilities by making energy efficient improvements to the home they are purchasing. New homebuyers or current homeowners can use FHA’s Energy Efficient Mortgage (EEM) to finance the cost of these improvements. FHA offers the Energy Efficient Mortgage Program to allow homebuyers to finance the purchase of a home—or refinance a homeowner’s current mortgage—and include the cost of the energy-saving, cost-effective improvements through a single mortgage. FHA’s EEM program recognizes the monthly utility cost savings when homebuyers make energy efficient improvements. Borrowers may use the EEM program to finance the cost of energy efficient improvements into their new mortgages, without the need to qualify for additional financing, because cost-effective energy improvements result in lower utility bills m
Related Questions
- I have read that as a teleworker, setting up an office at home, I should let my landlord XE "landlord" or mortgage XE "mortgage" company know and advise my local authority. Is this good policy?
- How Does a Mortgage Lender Become an "Approved Lender" for the Home Run 2 Grant Program?
- How much is a Florida Custom Homes home and the monthly mortgage payment?
