The energy-efficient mortgage (EEM) was first introduced in the early 1980's but it has gained popularity only recently. To date, the estimate number of homes with an energy-efficient mortgage is less than 10 percent. The Housing and Urban Development recommends American homeowners to apply for an EEM in order to reduce their utility bill expenditures. When you qualify for this type of help for homeowners, your lender will finance the cost of integrating energy-efficient features into your home even when the house is still to be purchased.
This way you can confidently face phone calls and creditors at your doorstep. These mortgage experts develop mortgage solutions and are well-versed with all aspects of mortgage and foreclosure. You can call toll free on any Florida mortgage help line and get in touch with these experts. You will also be able to get several loan options from them and will be able to easily get out of your helpless situation. For instance, they can guide you not to sign a deed for a loss mitigation expert or a real estate investor even if you cannot make your mortgage payment.
What Do They Do?
In order to qualify for an EIM, your home must also be inspected by a rater in order to provide your mortgage lender the Energy Savings Value (ESV). The ESV is the estimated monthly energy savings plus the value of the energy efficiency features used in your home. Furthermore, you must be able to pay at least 3.5 percent down payment which is based on the sales price of the property; it must be one to four units residential home; and should reach the standards of the U.S. Department of Energy before you can apply for this type of help for homeowners.
Both the EEM and the Energy Improvement Mortgage (EIM) are sponsored by the FHA and VA as part of their insured home purchase or refinancing mortgage programs, mortgage lenders may also provide conventional EEMs. These conventional EEMs are available for borrowers with mortgage lenders who sell loans to Fannie Mae and Freddie Mac.
There is another form of Florida mortgage help called the Office of Community Affairs. The office entails help for Florida residents to take advantage of any program that could benefit them. Information for buying a home and about various programs can be sought from this office. There are many assistance programs started by the government for people who are planning to purchase a home but are unable to do so. Now, the time is ripe to invest in a new home when prices are at an all-time low due to foreclosures.
This way you can confidently face phone calls and creditors at your doorstep. These mortgage experts develop mortgage solutions and are well-versed with all aspects of mortgage and foreclosure. You can call toll free on any Florida mortgage help line and get in touch with these experts. You will also be able to get several loan options from them and will be able to easily get out of your helpless situation. For instance, they can guide you not to sign a deed for a loss mitigation expert or a real estate investor even if you cannot make your mortgage payment.
What Do They Do?
In order to qualify for an EIM, your home must also be inspected by a rater in order to provide your mortgage lender the Energy Savings Value (ESV). The ESV is the estimated monthly energy savings plus the value of the energy efficiency features used in your home. Furthermore, you must be able to pay at least 3.5 percent down payment which is based on the sales price of the property; it must be one to four units residential home; and should reach the standards of the U.S. Department of Energy before you can apply for this type of help for homeowners.
Both the EEM and the Energy Improvement Mortgage (EIM) are sponsored by the FHA and VA as part of their insured home purchase or refinancing mortgage programs, mortgage lenders may also provide conventional EEMs. These conventional EEMs are available for borrowers with mortgage lenders who sell loans to Fannie Mae and Freddie Mac.
There is another form of Florida mortgage help called the Office of Community Affairs. The office entails help for Florida residents to take advantage of any program that could benefit them. Information for buying a home and about various programs can be sought from this office. There are many assistance programs started by the government for people who are planning to purchase a home but are unable to do so. Now, the time is ripe to invest in a new home when prices are at an all-time low due to foreclosures.
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