What is an Energy Efficient Mortgage?
An Energy Efficient Mortgage (EEM) is a mortgage that credits a home’s energy efficiency in the mortgage itself. EEMs give borrowers the opportunity to finance cost-effective, energy-saving measures as part of a single mortgage and stretch debt-to-income qualifying ratios on loans, thereby allowing borrowers to qualify for a larger loan amount and a better, more energy-efficient home.
How Do I get an EEM?
The process of getting an EEM will vary depending upon which type of mortgage you are applying for. For the most part, it is exactly the same as a conventional mortgage with the exception of adding in the extra step of an energy audit. Once the energy audit is performed, the details are entered into energy modeling software. This determines which items from the audit should be addressed, the costs for carrying out these measures, and estimates the savings that will occur from these changes.
That’s where we come in…
Home Diagnostic Solutions provides a resource for Home buyers and Realtors who would like to take advantage of an Energy Efficient Mortgage.
HDS provides the following services:
1. Site Visit for the Energy Audit and Data Collection
2. Energy Modeling and HERS Rating
3. Generate a Request for Pricing (RFP)
4. Collect and Evaluate Quotes
5. Submit EEM Packet to Realtor / Lender / Homeowner