17 Aug Green Mortgages?

There are actually many programs available to help homeowners make energy-saving improvements to their homes without getting an additional mortgage just for the cost of them. The FHA’s Energy Efficient Loan program helps current or potential homeowners significantly lower their monthly utility bills by enabling them to roll the cost of energy efficient improvements into their mortgage.

This Energy Efficient Mortgage can be used by homeowners with both Federal Housing Administration (FHA) and Veterans Administration (VA) loans.

To be eligible for an Energy Efficient Mortgage, the projected energy savings naturally need to be greater than the cost of the work. The savings are calculated using the Home Energy Rating System (HERS) index, which calculates what the average energy usage would be in the home once the improvements are made compared to a similar home that did not have the work done.

Knowing your home energy rating will help you choose smart energy upgrades and investments that will save you in energy costs, improve your home comfort, and protect the environment.