VA Energy Efficient Mortgages
Posted on May 28, 2019
There’s no better time to go green. With more emphasis being placed on incorporating efficient, “green” practices in everyday life, have you thought about introducing your veteran client to the “green” mortgage? With the VA Energy Efficient Mortgage (EEM) program, your client can upgrade their home with energy efficient solutions and roll the costs into their VA loan.
Here’s How It Works
- Borrower has six months to make the necessary improvements
- The financing the borrower receives for making the energy efficient improvements is kept in an escrow account until all the work is finished
- With a contractor’s written bid, it’s possible to add $3,000 to the maximum (100%) financing limit to the borrower’s VA home loan
- By submitting a completed energy analysis detailing utility cost improvement, borrower can add $3,001 to $6,000 to their VA home loan
Benefits Your Clients Will Love
With an energy efficient mortgage backed by the VA, there are plenty of benefits for homeowners to enjoy for years to come.
- Energy improvements can lower the cost of utility bills
- Increases home buying power and capitalizes energy savings
- Frees up income that can go toward other expenses
- No income level requirement
- No additional down payment
Do you have a veteran or active-duty military client who’s looking to upgrade their home to energy efficient status and save money in the process? Tell them about VA Energy Efficient Mortgages and find out the best way for them to go green today!