SANTA CRUZ ENERGY EFFICIENT MORTGAGES
Going Green is the new thing and there is a new loan product - Energy Efficient Mortgages -that allows a homeowner to borrow up to 5% of the purchase price up to $32,000 to put in energy efficient features in their home.
Going Green when buying a home is not only good for the environment it is good for your pocketbook as well. In Santa Cruz where many are very environmentally conscious, homebuyers really like to see energy efficient features in a home. Many of the homes in Santa Cruz are older, especially on the Westside of Santa Cruz where we have many Craftsman and Victorian homes. These homes almost always need upgrades for energy efficiency and this Energy Efficient Mortgage can help you improve your home.
Here are some examples of what the Santa Cruz Energy Efficient Mortgage can be used for:
1) Replacing older furnaces with new energy efficient furnaces and air conditioning units
2) Upgrading old single pane windows to double paned vinyl windows (this really helps insulate your home from heat/cold and noise)
3) Upgrading or installing insualtion in attic or walls
4) Upgrading water heater (we just put in a tankless gas water heater and it not only saves a lot of space but $ too)
5) Weatherizing doors, windows, walls
These changes will really help your home be more energy efficient. You can complete the work after you close escrow. These Energy Efficient Mortgages can be used in conjunction with FHA loans, VA loans as well as a refinance.
Making your home more energy efficient will save you money in the long run and make you more comfortable and happy in your home now. It is definitely worth looking into a Energy Efficient Mortgage when buying a home in Santa Cruz or anywhere.
Authored by Jessica Wallace, Santa Cruz Realtor
Your Santa Cruz Realtor - Jessica Wallace (831) 419-9345
I'm Jessica Wallace - Your Santa Cruz Realtor - You can reach me anytime at (831) 419-9345 or via email at cjess4homes@yahoo.com
I look foward to hearing from you!
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DRE 01455690 - Coldwell Banker Residential Real Estate
Jessica your work using the energy efficient mortgage to help homeowners go green is just one of the things people love about you. Thanks for all the great applications you mentioned for puting the money to use to upgrade a home and make it more energy efficient. Your such a pro. Thanks for all your hard work! We need more agents like you!
Great post Jessica, hope all is well with you, long time no see (hear)
Hi Jessica, always great to see awareness for EEMs, 203ks, etc.. Very unfortunate that banks have not embraced this product. HUD approved the new guidelines about 2 years ago and I don't think one of the mainstream banks can do over the old, made in the 1970's, $8k cap on physical improvements. Have you had any success with marketing listings with EEMs or getting a buyer to sit down and get on board with them, Jessica?
Hi Evan - I haven't had any buyers use an energy efficient mortgage yet, I just became aware of them this year. I am letting people know that they are being offered and that EEMs could be a great way to finance the upgrades of your home