Energy Efficient Mortgages
Federal Housing Authority Energy Efficient Mortgages
FHA allows up to 100% of the cost of energy efficiency improvements to be added to an existing mortgage. The mortgage may not exceed limits set for Orleans Parish. The loan amount is limited to 5% of either the property value, 115 percent of the median area price of a single-family dwelling, or 150 percent of the Freddie Mac conforming loan limit, whichever is least. Find an approved lender.
Department of Veterans Affairs Energy Efficient Mortgages
Applicants are eligible to borrow up to $3000. For cases where energy savings would exceed the increase in mortgage payment, the amount is increased to $6000. For more information, check out this pamphlet.
Lenders that sell their loans to Freddie Mac or Fanny Mac can offer energy efficient mortgages. The borrowers stated income is increased by an amount equal to the estimated energy savings. Find an approved lender.
