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Energy Efficient Mortgages
Ray Hall has been doing efficient energy work in California for many years.
As of February 2011, Southern California Edison, the Gas Company, and CAR (California Association of Realtors) are offering up to $4,750 in cash incentives for consumers taking advantage of the Energy Efficient Mortgage program offered to all FHA/VA customers when purchasing or refinancing a home. “Going green” can provide an exciting new marketing niche for the real-estate industry.
Unfortunately the program is not being advertised or utilized and contractors aren’t becoming certified to do the work. It’s frustrating and I am unsure about how to find a solution at this time. I continue to work on it.
These can be FHA, VA or Conventional types. They allow the cost, of qualified energy improvements, such as additional insulation, other improvements to the building shell and newer more efficient heating and cooling systems, to the mortgage amount. This applies to your first loan on the property or a refinancing loan. The concept of a qualified energy improvement is one that shows enough cost savings to support the additional cost of the mortgage payment.