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To qualify for the Energy Efficient Mortgage, you will need to meet some FHA loan guidelines. These include being eligible for the maximum FHA-insured financing available, and the improvements must be cost effective.

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October 23, 2017
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How Do I Get an Energy Efficient Mortgage?

FHA Common Question #27

The FHA's EEM is a very attractive proposition; it allows you to borrow additional money to incorporate energy saving features into your home and no additional "cost" to you in terms of having to qualify or make a down payment on the additional funds. Plus you get all of the energy saving technology and/or materials you desire to include into your living space.

To qualify for the EEM, you'll need to meet some FHA loan guidelines. These include being eligible for the maximum FHA-insured financing available, and the improvements must be cost effective. "Cost effective" according to FHA loan guidelines means that the cost of the improvements must be less than the total value of the energy savings over the life of the equipment or materials installed to save energy. That total value is calculated according to FHA loan guidelines at current levels. This kind of loan may take some extra homework on your part, but the savings would be well worth the effort.

Contact your FHA approved lender to get help with resources in determining the cost of the materials and equipment versus the savings. Chances are your FHA lender has encountered your questions before and can give you a good head start on gathering the required information.

NEXT:  FHA Loans for Manufactured Homes?

FHA Loan Articles and Mortgage News

Read About FHA Requirements, Updates, and Guidelines
Changes to FHA Loan Rules on Collections and Judgments

October 7, 2017 - In general, FHA loan rules require the lender to determine that judgments are resolved or paid off prior to or at closing. Judgments of a non-borrowing spouse in a community property state must be resolved or paid in full, with the exception of obligations excluded by state law.

Is There a No Money Down FHA Loan Option?

October 2, 2017 - The FHA Single-Family Home Loan program does not feature a no money down option. However, there are state and local programs that may offer assistance to home buyers, first-time home buyers, or home buyers who are in financial need.

FHA Loans, Disability Pay, and Proof of Income

September 25, 2017 - There are many common questions about FHA home loans, and more than a few uncommon ones. Income verification is one area where FHA loan applicants may experience the need for more information.

Are My Tax Returns Required for an FHA Loan?

September 20, 2017 - When you apply for an FHA home loan, there's a list of documents and documentation needed to process an FHA loan application. These are the minimum needed to establish an accurate picture of a borrower's credit and payment history.

Rules for FHA Loans Following a Short Sale

September 9, 2017 - FHA loan rules for new loans following a short sale may seem complex--the rules that apply to you often depend on the status of your mortgage loan prior to the short sale. But, when is a new FHA home loan possible following a short sale?