Green Mortgages
March 12, 2008
With St. Patrick's day on the horizon and the current buzz word being "green", an article in the weekend USA Today magazine caught my attention. In "Money Smart" written by Walecia Konrad three types of "green" mortgages are described.
Some lenders are offering a$500 to $1000 discount on buyer's closing costs when the home being purchase is an energy-efficient property that incorporates the government's Energy Star standards.
Some lenders may qualify buyers for higher loan amounts by factoring in long-term savings on utilities and adding that amount to a buyer's qualifying income.
Some lenders incorporate the cost of energy-efficient upgrades (windows, heating/cooling systems and/or insulation ) when a buyer is purchasing an older home. If improvements are not completed prior to the closing, the upgrade funds are held in escrow.
Some states also offer incentives. You can go to http://www.naseo.org/ to find contact information for your state energy office. If you call the office, you should be able to obtain info on low-cost loans.
The Irish are smiling as the world goes "green'.
With St. Patrick's day on the horizon and the current buzz word being "green", an article in the weekend USA Today magazine caught my attention. In "Money Smart" written by Walecia Konrad three types of "green" mortgages are described.
Some lenders are offering a$500 to $1000 discount on buyer's closing costs when the home being purchase is an energy-efficient property that incorporates the government's Energy Star standards.
Some lenders may qualify buyers for higher loan amounts by factoring in long-term savings on utilities and adding that amount to a buyer's qualifying income.
Some lenders incorporate the cost of energy-efficient upgrades (windows, heating/cooling systems and/or insulation ) when a buyer is purchasing an older home. If improvements are not completed prior to the closing, the upgrade funds are held in escrow.
Some states also offer incentives. You can go to http://www.naseo.org/ to find contact information for your state energy office. If you call the office, you should be able to obtain info on low-cost loans.
The Irish are smiling as the world goes "green'.
posted by shirley harry at 8:47 AM
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