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E-M:/ Energy Efficient Mortgages

Enviro-Mich message from Joel Wiese <joel@twelve29.com>

I'm new to the list, but was advised to post this information as it is 
very relevant here.

The Energy Efficient Mortgage (EEM) program has been part of the FHA 
financing since the 1990s.  So while this program is not new, it has 
been one of the best kept secrets of the mortgage industry.  It helps 
new home buyers and existing home owners finance in the costs of ANY 
energy efficient improvements into the mortgage of the home.  This 
covers appliances, insulation, lightbulbs, etc.  I know from my 
communication with the Michigan State Energy Commission that this is a 
program difficult to get into primarily because no lender knew about it 
or knew how to do it.  Now you at least don't have that problem.

The EEM must be used in conjunction with FHA financing.  It can be used 
for refinances as well as purchases and gives the borrower 5% (or $4000 
which ever is greater, but not to exceed $8000) over and above the cost 
of the home.  The way it works is an energy efficiency rater comes in, 
does an evaluation of the subject property, creates a list that shows 
what improvements can be made and also shows you how much you will save 
on utilities with the improvements made.

If you are purchasing or financing a home, there are also incentives 
that allow you to purchase a slightly more expensive one than you would 
under normal FHA guidelines.  It's very cool.  I really hope that I can 
help more people with this as I truly believe this is a great program.  
While I work in Lansing, I know that I am probably the only loan 
officer Michigan that does the EEM and I am more than willing to work 
with clients across the state.

Here's my 800 number for those of you not local... 877-867-7095.  If 
you're sending me email, please send it to joel@lansingmortgages.com.

Saving the world, one mortgage at a time,

Joel Wiese
Indigo Financial Group

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