Posted on: 07th Jul, 2010 04:12 am
Hello Everyone,
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Thanks.
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The Green Mortgages are not only available in Arizona but also in other parts of the country. It is also popularly known as Energy Efficient Mortgage (EEM). These loans provide the borrowers with the opportunity to finance cost-effective, energy-saving measures as part of their single mortgage. Normally, new homes are purchased using these loans. "ENERGY STAR" qualified home are considered for green mortgages.
Thanks for Your Information , Can you discuss something more about the Green Mortgage if you know? Like; Who can apply for this kind of Green Mortgage and so on..
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Thanks.
Anyone who has a good credit score and stable financial situation will be able to get a green mortgage. This loan program persuades the people to improve the energy efficiency of their homes with the help of cost-effective and energy saving measures.
There are mainly three types of Green Mortgages available in the market:
1. FHA Energy Efficient Mortgages - This allows the borrowers to finance 100% of the improvement costs in order to make their homes more energy efficient.
2. Conventional Energy Efficient Mortgages - Borrowers can get this mortgage from the same lenders who will offer a normal conventional loan. In this case, the lender will raise the income of the applicant by a certain amount which he or she can save on the annual energy bill by doing the required improvements. If the applicant can save $500 by doing the required improvements, then he or she can add another $500 to the his or her income while qualifying for green mortgage.
3. VA Energy Efficient Mortgages - VA also offers energy efficient loans but it caps overall energy improvements at $3,000–$6,000.
There are mainly three types of Green Mortgages available in the market:
1. FHA Energy Efficient Mortgages - This allows the borrowers to finance 100% of the improvement costs in order to make their homes more energy efficient.
2. Conventional Energy Efficient Mortgages - Borrowers can get this mortgage from the same lenders who will offer a normal conventional loan. In this case, the lender will raise the income of the applicant by a certain amount which he or she can save on the annual energy bill by doing the required improvements. If the applicant can save $500 by doing the required improvements, then he or she can add another $500 to the his or her income while qualifying for green mortgage.
3. VA Energy Efficient Mortgages - VA also offers energy efficient loans but it caps overall energy improvements at $3,000–$6,000.