The U.S. Department of Housing and Urban Development, one of the entities that offers energy-efficient loans, cites the example of a couple who bought a California home for $150,000. They got an FHA loan for 95% of the property's value. Based on estimates from a required home energy assessment, the lender set aside an extra $2,300 for the improvements, bringing the total loan amount to $144,800, from $142,500.
Kane offers the example of a home that needs a new air conditioning unit. Instead of replacing it outright, a prospective buyer might instead considerThe homeowner could then be eligible for a tax credit of up to $2,000 and a rebate, depending on income, that amounts to 50% to 100% of the unit's cost up to $8,000.
For example, Fannie and Freddie Mac's specifications say that the maximum available energy financing is 15% of the"as completed" value of the property, which is the appraised value of the home once the upgrades are finished. So, under these programs, an eligible buyer with a home valued at $100,000 after upgrades can receive up to $15,000 from the mortgage transaction.
Additionally, to comply with the terms of the mortgage, homeowners have to be committed to finding contractors and completing the work on an existing structure in a set period of time, generally three to six months, said John W. Mallett, a mortgage broker and founder and president of MainStreet Mortgage in Westlake Village, California. This might not be appropriate for people who want to take their time fixing up their house.
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