Not really that well utilized is the EEM and EIM --- Energy Efficient Mortgage and Energy Improvement Mortgage respectively --- 203 K's
The first is for new homes that are designed and rated Energy Star and the later for existing homes. It has many benefits and is incorporated into the First mortgage at the time of purchase. It comes with load of benefits that can easily be actualized monetarily.
The purchaser of an existing home would have it energy rated by an approved contractor. This would be to determine what needs to be done, at what cost, to make the home more ’efficient’. According to what the energy savings would be once the improvements are completed, this is how much more is allowed in mortgage payment of the borrower. The limit in Calif. for additional mortgage balance is $31,000. on an existing home.
The benefits range from creating a more sound home for the family, to being able to, once you are done with the home, offer it for a premium due to the upgrade of with efficiency features .
From insulation to efficient appliances to weather stripping and double pane windows, the quality of your living environment and the reduction of you utility bills will be directly proportionate to your enjoyment of living.
This can be done additionally when you chose to refi your home.
The offset is in the savings on your utility bills so there is no requirement of additional income. Sweet!
Always keeping myself up-to-date for the benefit of my clients!
Marlene Henderson, Broker/Owner
MoeBEST-Henderson Properties and
Property Management
www.BestSantaCruzProperties.com
Call anytime 831-429-9091
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