Conventional Energy Efficient Mortgage

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The conventional Energy Efficient Mortgage is designed to help home buyers add energy efficient features to their existing homes or to new homes they purchase. The goal of the energy efficient mortgage is to lower energy bills on houses due to the new energy efficient upgrades. These loans are backed by Fannie Mae and Freddie Mac.

Lower Utility Bills

If homeowners pay less for their utility bills, they will be able to afford a higher mortgage payment. Lower utility bills are used in the mortgage calculation to allow homeowners to qualify for larger mortgages than they would have normally.

Loan Amounts

The home must have an inspection conducted by an approved person qualified to measure the cost and value of the improvements to be made. The energy efficient mortgage includes the total cost of the energy efficiency improvements in the loan amount. This allows the home buyer to finance these costs over the life of the loan. The higher loan payments are offset by the lower energy bills.

Energy Savings

Energy efficient improvements can reduce a home’s energy use by up to 30 percent. Anything that improves the efficiency of the home will be covered by this mortgage. Typical improvements can include adding insulation, installing energy efficient windows or doors, and replacing a heating/cooling system.