VA Energy Efficient Mortgages
What is an Energy Efficient Mortgage? It is a type of mortgage that allows a type of loan that is geared toward energy efficient homes. This type of mortgage can be used on a new home, or refinancing to make energy efficient improvements to your home. Using the EEM mortgage for remodeling your home will help save you money in the short term as it lowers your utility bills. It will increase your selling power when you go sell your home as well. In addition, lenders recognize that increasing the efficiency of your home will bring you tremendous savings.
Lowering your monthly utility bills and increasing your selling power is always advantageous. Purchasing an energy efficient home or improving your home also benefits the environment. It will reduce the energy you take into your home and will even reduce the green house gases an average home releases into the emissions.
As a Veteran, you can apply for an EEM loan. While an EEM loan is offered to the general public, veterans also receiving the benefits offered to them from the VA loan program. What does this mean? This means that you can qualify for a lower interest rate and no down payment (non-veterans are required to pay 3% down). You do not have to have as high of an income to qualify \as you would with a conventional VA home loan. The loan can be combined with other loans – fixed rate and adjustable. You can borrow up to $6,000 for improvements, regardless of the appraisal of your home.
With a VA Loan, you can save at least a $100 a month in utility costs. The reduction of these costs help with the monthly expenditures help in with the amount of mortgage you can afford. The EEM loan is insured by the Federal Housing Administration, which decreases lending risk to the lender.
Many lenders offer EEM loans. However, not all lenders offer VA EEM loans. A lender must participate in the VA loan programs in order to provide you with a loan. The lender will then help you obtain the required documentation to qualify for a Veteran's loan. Once you qualify for a Veteran's loan, you can work with your lender to determine if a VA EEM loan is the right loan for you and your new energy efficient home.
Get Started With Your VA Loan Request
WHAT YOU WILL NEED TO GET A VA LOAN
A Certificate of Eligibility is needed to qualify, whether you are a first-time user or you have previously obtained a VA loan. Complete this short form to have a VA Certificate of Eligibility mailed directly to you. After completing the form, a VA mortgage specialist will contact you to help with your request.
VA LOAN SPECIALIST
You may call 800-405-6682 or receive advice from a VA mortgage specialist online.
YOUR VA BENEFITS
The Department of Veterans Affairs was founded in 1930 to provide a variety of financial benefits for veterans and their dependents. VA home Loans are one of the major VA benefits provided.
Read more about the Veterans Benefit Act of 2004.
