|
|
|
|
Energy efficient mortgage
|
| |
|
| |
An energy efficient mortgage (EEM) is a loan product that allows borrowers to reduce their utility bill costs by allowing them to finance the cost of incorporating energy-efficient features into a new housing purchase or the refinancing of existing housing.
Borrowers who qualify for an EEM need to complete a home inspection by an energy rater working off qualification standards created by the U.S.
Discussion
Ask a question about 'Energy efficient mortgage' Start a new discussion about 'Energy efficient mortgage' Answer questions from other users |
Encyclopedia
An energy efficient mortgage (EEM) is a loan product that allows borrowers to reduce their utility bill costs by allowing them to finance the cost of incorporating energy-efficient features into a new housing purchase or the refinancing of existing housing.
Borrowers who qualify for an EEM need to complete a home inspection by an energy rater working off qualification standards created by the U.S. Department of Energy. The results of this energy audit can then be used when applying for an EEM.
First introduced in 1980, EEMs are currently sponsored by all mortgage programs insured by the U.S. federal government. To date, the popularity of the product has been somewhat limited: The New York Times estimates less than 1% of all U.S. home loans are EEMs.
External links
- U.S. Department of Housing & Urban Development’s Energy Efficient Mortgages Program
- CNN coverage of EEMs
|
| |
|
|
