Homeowners can really maximize their property values and Home buyers can have many choices for GREEN property upgrade features by considering an Energy Efficient Mortgage (EEM) or an Energy Improvement Mortgage (EIM) when coupling it with a FHA 203K Streamline Mortgage.
A FHA 203K Streamline Mortgage will allow repairs and upgrades such as:
- Roofs, gutters, downspouts
- HVAC (Heating, Venting, and Air Conditioning) systems
- Plumbling & Electrical Systems
- Kitchen and Bath Remodels
- Flooring: wood, tile, carpet, etc
- Interior and Exterior Painting
- New Windows and doors
- Weather Stripping and insulation
- Improvements for persons with disabilities
- Stablilizing or removing lead based paint
- Decks, patios, porches
- Energy efficient improvements
- Basement completion and waterproofing
- Septic or well systems
- New Kitchen appliances or washers and dryers
This program allows for upto $35,000 in cosmetic and / or lender required repairs. The amount of the repairs and upgrades are calculated into the loan and added to the purchase price of the "as is" house. Yet, the borrowers 3.5% down payment (yes, only 3.5% down!) is based on the total acquisition (after repairs have been made) cost. The home appraisal is performed both with an "as is" value and then as a "repaired / upgrade" according to the general contractor's quote.
Concerned you cannot afford to buy your own home? GREAT NEWS! The state of North Carolina has received grants and funds to help renters become First Time Home Buyers. We can help you with this process in conjunction with the Center for Home Ownership.
Did you know that when you purchase a home in North Carolina, as a first time buyer (which means you have not owned a home in 3 years) you can save up to $2000 a year on your income taxes?
There are many opportunties to save money by going green. Talk to your lender about Green Financing Options, such as the Energy Efficient Mortgage (EEM) or Energy Improvement Mortgage (EIM), FHA 203K Streamline Mortgage, First Time Mortgage Program, and the Center Home Ownership. For an example on how to save money by investing in GREEN Housing Options, Click Here.
