Hi All, Justin Lees here talking to you about Energy Efficient Mortgages. I'll make this short and sweet. If you're a realtor, this could be one way you can differentiate yourself from other realtors b/c I can assure you that a few percentage of realtors are even talking about Energy Efficient Mortgages.
In a nutshell, let your buyers know that they can get up to 5% of the purchase price ($8K limit for now) towards Energy Efficient features like windows, insulation, HVAC and many other things. Weatherstripping gets the buyer another $2K on top of it. It's a very simple process. A certified contractor inspects the house, itemizes what needs to be done and bids it out. If the buyer knows an HVAC (licensed) that wants to do the work, this is fine.
The amount needed for the work (assume $8K) is added to the loan and is financed in. Once escrow closes, the work is performed and it typically just takes a few days to finish. If you have any borrowers that want to get pre-approved for the EEM or the FHA 203k loan, give me a call.
Justin Lees
Sr. Mortgage Consultant
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