Fannie Debuts Loan Option for 'Green' Retrofits
Fannie Mae announced HomeStyle Energy mortgage, a program to help borrowers make energy and water energy efficient upgrades to their home.
With the new loan, home owners will be able to finance energy upgrades when purchasing or refinancing their home. The new mortgage will also be available to properties like condos.
Borrowers purchasing a home or wanting to improve their existing home will be able to receive up to 15 percent of the as-completed appraised value of the home to use for energy efficient upgrades. An energy report is required. Without a report, borrowers can still finance up to $3,500 in water efficiency upgrades.
“The National Association of Home Builders has found that energy efficient features are highly desired by home owners, and we are committed to helping lenders serve these customers,” says Carlos Perez, Fannie Mae senior vice president and chief credit officer for single-family. “HomeStyle Energy mortgage will be particularly helpful to borrowers who want to pay off debt for existing energy improvements. It will also benefit home owners who want to make their home more comfortable and efficient.”
The program applies to all Fannie Mae approved lenders.
Source: Fannie Mae
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