FHA allows borrowers to finance the cost of adding energy-efficient
improvements to new or existing homes as part of their FHA-insured purchase or
refinancing mortgage.
- Energy-efficient improvement costs of $4,000 or 5 percent of the property
value (up to $8,000), whichever is greater, can be financed.
- The FHA maximum mortgage limit for an area may be exceeded by the cost of
the improvements.
- No additional down payment is required.
- No requalifying is necessary.
- No new appraisal is needed.
- Up to $200 of the cost of a home energy rating may be included in the
mortgage.
This EEM can be used in conjunction with several other FHA-insured mortgages,
including the 203(k) rehabilitation mortgage insurance described below.
FHA Section 203(k) Rehabilitation Mortgage Insurance
FHA Section 203(k) rehabilitation mortgage insurance provides a borrower with a
single loan that covers both the purchase or refinancing and the cost of major
home improvements, including those that save energy. The program allows
borrowers to complete improvements after the loan closes. The funds are placed
in an escrow account and released as improvements are made.
- Total cost of improvements must exceed $5,000.
- The total property value must still fall within the FHA mortgage limit for
the area. (The property value is determined by whichever is less: the value
before the rehabilitation plus the cost of the rehabilitation or 110 percent
of the appraised value after rehabilitation.)
FHA Energy-Efficient Home Mortgage
When purchasing an energy-efficient home, an FHA-approved lender can
stretch
the borrower's debt-to-income ratio by 2 percent.
FHA Mortgage Increase for Solar Thermal Systems
The maximum loan limit under FHA's standard 203(b) or 203(k) property
rehabilitation mortgage insurance can be exceeded by 20 percent if the home has
or will have a passive or active solar heating system.
The home must also have a
100 percent operational, conventional backup system.
FHA Title I Property Improvement Loan Insurance
FHA also insures home improvement loans, including those that will make a
home more energy-efficient, for homeowners with FHA-insured mortgages. It
features:
- Loans up to $25,000 for a single-family home
- Loans insured up to 20 years
- No required home energy rating reports.
U.S. Department of Veterans Affairs
The U.S. Department of Veterans Affairs (VA) guarantees mortgage loans for
veterans with active duty service and qualified reservists. Its EEM can be used
to purchase or refinance a home along with the cost of making energy-efficient
improvements. To cover the cost of the improvements, the loan amount can be
increased:
- Up to $3,000 based solely on documented costs
- Up to $6,000 if the increase in the mortgage payment is offset by the
expected reduction in utility costs.
- More than $6,000 based on a value determination by VA.
A VA refinancing loan may not exceed 90 percent of the home's appraised value
plus the costs of the improvements.
Conventional
Most of the national lenders who offer energy-efficient financing operate
through one of the following programs.
ENERGY STAR® Mortgage
The ENERGY STAR® Homes
program—sponsored jointly by the U.S. Department of Energy and the U.S.
Environmental Protection Agency—promotes voluntary partnerships with home
builders to construct new homes that are 30 percent more efficient than the
guidelines established by the Model Energy Code—a "model" national standard for
residential energy efficiency.
The program also encourages lenders to provide EEMs for certified ENERGY
STAR® homes. An ENERGYSTAR® mortgage
offers a minimum 2 percent stretch on a borrower's debt-to-income ratio, plus at
least one additional incentive for borrowers. Incentives may include:
- A lower interest rate
- A discount on closing costs and/or origination fees
- Up to a 4 percent extension of the debt-to-income ratio stretch
- Paying for the cost of the home energy rating.
Fannie Mae
Fannie Mae—a private, shareholder-owned corporation—operates under a
congressional charter that directs it to channel efforts into increasing the
availability and affordability of homeownership. It doesn't lend money directly
to home buyers; it purchases mortgages from lenders, ensuring that funds are
available.
Energy-Efficient Mortgage
Fannie Mae encourages lenders to offer its EEM by providing incentives and
specific criteria for those that it's willing to purchase from lenders. Both
existing and new homes fall under this EEM.
- Several approved home energy rating methods and programs, not just a HERS,
are allowed to evaluate a home's energy efficiency.
- For existing homes, the cost of improvements is limited to 15 percent of
its total cost. There is no limit imposed on the cost of improvements for new
construction.
- A home buyer can finance 100 percent of the energy efficiency improvements
without increasing the down payment.
Residential Energy Efficiency Improvement Loan
Fannie Mae is partnering with utility companies to provide loans to utility
customers for the installation of energy-efficient home improvements. The loans
feature:
- A below-market interest rate
- An unsecured financing option
- Up to $15,000
- A term of up to 10 years
- A "whole-house" or bundled approach to efficiency improvements.
Freddie Mac
Freddie Mac is a stockholder-owned, congressionally chartered corporation
that works to create a continuous flow of funds to mortgage lenders in support
of homeownership and rental housing. It purchases mortgages from lenders and
packages them into securities that are sold to investors, providing homeowners
and renters with lower housing costs and better access to home financing.
Energy-Efficient Mortgage
Like Fannie Mae, Freddie Mac provides incentives and criteria, as well as
flexible guidelines, for EEMs that it's willing to buy, which encourage lenders
to offer them. However, the EEMs are limited to purchasing existing
energy-efficient homes or those to be retrofitted or renovated for energy
efficiency.
- Several home energy rating methods and/or documentation, not just a HERS
report, are acceptable.
- Lenders can exceed the standard 2 percent debt-to-income stretch at their
own discretion.
- It allows a broader range of energy-efficient improvements than most EEM
programs.
E Seal
E Seal, an Edison Electric Institute program, provides energy-efficient
solutions for home buyers, residential energy customers, small business
customers, and home builders.
Energy Efficiency Mortgage
This EEM is available through utilities with E Seal certified programs. It
can be used to finance the purchase of a new home with energy efficiency
upgrades or to refinance an existing home while adding these improvements. It
features:
- 100 percent financing of energy efficiency upgrades
- No additional down payment, mortgage insurance obligation, or
requalification
- Maximum qualifying ratios that are 5 percent better than standard ratios
and 3 percent better than regular EEMs
- Lower than prevailing market interest rates and closing costs.
Residential Financing Program
For energy-efficient home improvement loans, E Seal's program participates
with Fannie Mae's Residential Energy Efficiency Improvement Loan program (see
above).
When it comes to energy-efficient financing—whether you want to purchase,
refinance, or remodel a home—it's best to work with lenders and/or real estate
agents who are familiar with home energy ratings and program requirements. If
you'd like a home energy rating report, it's also best to work with a certified
energy rater. In all instances, it's always a good idea to ask for references
and check companies with your local better business bureau.
Resources
The following are sources of additional information on energy-efficient
financing:
Ask an Energy Expert
DOE Energy Efficiency and Renewable Energy Clearinghouse (EREC)
P.O. Box 3048
Merrifield, VA 22116
1-800-DOE-EREC (1-800-363-3732)
E-mail: doe.erec@nciinc.com
Web site: http://www.eren.doe.gov/consumerinfo/
EREC provides free general and technical information to the public on many
topics and technologies pertaining to energy efficiency and renewable energy.
You can also contact your state and local government energy offices for
region-specific information on energy-efficient financing.
Organizations
E Seal
Edison Electric Institute
701 Pennsylvania Ave., NW
Washington, DC 20004-2696
Phone: (202) 508-5557
ENERGY
STAR® Homes
Phone: 1-888-STAR-YES (1-888-782-7937)
E-mail: info@energystar.gov
Fannie Mae
3900 Wisconsin Avenue, NW
Washington, DC 20016-2892
Phone: 1-800-7FANNIE (1-800-732-6643)
Consumer Web site: www.homepath.com
Federal Housing Authority (FHA)
U.S. Department of Housing and Urban Development
(HUD)
451 7th Street SW
Washington, DC 20410
EEM Program Web site
FHA can be contacted through your local HUD office, which can be found in the
phone book or on HUD's Web site.
Freddie Mac
8200 Jones Branch Drive
McLean, VA 22102-3107
Phone: 1-800-FREDDIE (1-800-373-3343)
National Home Energy & Resources
Organization (HERO)
4005 Poplar Grove Road
Midlothian VA 23112
Phone: 1-800-373-2416
Fax: (804) 560-9139
E-mail: n-hero@ix.netcom.com
Provides state-by-state listings of the energy raters it trains and
certifies.
Residential Energy Services Network (RESNET)
P.O. Box 4561
Oceanside, CA 92052-4561
Phone: (760) 806-3448
Fax: (760) 806-9449.
E-mail: resnet@earthlink.net
A national network of mortgage companies, real estate brokerages, builders,
appraisers, utilities, and other energy and housing professionals dedicated to
improving the energy efficiency of the nation's housing. It provides
state-by-state directories of conventional EEM lenders and energy raters.
U.S. Department of Veterans Affairs (VA)
Phone: 1-800-848-4904
VA Home Loan Guaranty Web site
Web Sites
Consumer and Lender Resources for
Energy Efficiency Financing and Home Energy Ratings
Alliance to Save Energy
Financing
Solutions
DOE Office of Energy Efficiency and Renewable Energy
Provides useful links to energy efficiency and renewable energy financing
resources.
Reading List
The list is not exhaustive, nor does the mention of any publication
constitute a recommendation or endorsement.
Borrower's Guide to Financing Solar Energy Systems: A Federal Overview,
Second Edition, produced for the U.S. Department of Energy (DOE) by the
National Renewable Energy Laboratory (NREL), 1999. Available in PDF on the DOE
Million Solar Roofs Web site at
http://www.eren.doe.gov/millionroofs/pdfs/26242.pdf or from NREL at (303)
275-4363.
Energy-Efficient
Mortgage Homeowner Guide, Pacific Gas & Electric Company, 1996.
Financing Home Energy
Efficiency: An EEM Handbook, R. Martin, Iowa Association of Municipal
Utilities, 1997.
A Shopper's Guide, Energy-Efficient Mortgages, More House for Less Money,
DOE, 1999. Available from the DOE Office of Consumer Information through e-mail
at consumer.information@hq.doe.gov
or at 1000 Independence Ave., SW, 4A-227, MA-9, Washington, DC 20585.
Related Links
Elements of
an Energy-Efficient House
Financial Incentives for Investment in Residential Renewable Energy Systems
Home
Energy Audits
This document was produced for the U.S. Department of Energy (DOE) by the
National Renewable Energy Laboratory, a DOE national laboratory.
DOE/GO-10200-1072
FS104
October 2000
NOTICE
This report was prepared as an account of work sponsored by an agency of the
United States government. Neither the United States government nor any agency
thereof, nor any of their employees, makes any warranty, express or implied, or
assumes any legal liability or responsibility for the accuracy, completeness, or
usefulness of any information, apparatus, product, or process disclosed, or
represents that its use would not infringe privately owned rights. Reference
herein to any specific commercial product, process, or service by trade name,
trademark, manufacturer, or otherwise does not necessarily constitute or imply
its endorsement, recommendation, or favoring by the United States government or
any agency thereof. The views and opinions of authors expressed herein do not
necessarily state or reflect those of the United States government or any agency
thereof.
Consumer Energy
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Energy Efficient Mortgage Banker Search
Results
The following mortgage lenders offer Energy Efficiency
Mortgages
| Loan Officer and Bank |
Contact Information |
Address |
Ann Doak
Chase Manhattan Mortgage |
Business: 352-372-3260
Fax: 352-372-3960 |
4141-B NW 37th Pl. Bldg. B
Gainesville FL 32606
County: Alachua |
Dan Monteau
Norwest Mortgage |
Business: 352-378-6794
Fax: 352-377-5881 |
2630 NW 41 St. Suite D-2
Gainesville FL 32606
County: Alachua |
Edward Scott
Chase Manhattan Mortgage |
Business: 407-728-9555
Fax: 407-984-7320 |
201 N. Riverside Dr.
Indialantic FL 32903
County: Brevard |
Carol Bagwell
Countrywide Home Loans |
Business: 407-773-9391
Fax: |
1790 N A1A Suite 110
Satellite Beach FL 32937
County: Brevard |
Debra Carroll
Countrywide Home Loans |
Business: 407-459-0187
Fax: |
279 Crockett Blvd
Merritt Island FL 32953
County: Brevard |
Bobbie Dyer
Norwest Mortgage |
Business: 407-722-9833
Fax: 407-722-9392 |
1901 S. Harbor City Blvd. Suite 504
Melbourne FL 32901
County: Brevard |
Tony Acquaviva
Chase Manhattan Mortgage |
Business: 954-423-0660
Fax: 954-423-0039 |
1200 S. Pine Island Rd #330
Plantation FL 33324
County: Broward |
Blair Glenn
Norwest Mortgage |
Business: 954-348-9991
Fax: 954-346-9995 |
9351 W. Sample Road Suite 100
Coral Springs FL 33065
County: Broward |
Manny Riecheck
Norwest Mortgage |
Business: 954-570-8262
Fax: 954-570-8779 |
1191 E. Newport Cntr. Dr. Suite 203
Deerfield Beach FL 33442
County: Broward |
Norwest Mortgage |
Business: 954-346-9991
Fax: 954-346-9995 |
9351 W. Sample Road Suite 100
Coral Springs FL 33065
County: Broward |
Sondra Dane
Norwest Mortgage |
Business: 954-768-9113
Fax: 954-767-9532 |
1300 S. 17th St. Cswy. Suite 212
Ft. Lauderdale FL 33316
County: Broward |
Ann Doak
Chase Manhattan Mortgage |
Business: 904-264-7886
Fax: 904-264-8327 |
550 Wells Rd. #14
Orange Park FL 32073
County: Clay |
Frank Krohe
Chase Manhattan Mortgage |
Business: 941-566-2520
Fax: 941-566-2901 |
5551 Ridgewood Drive #401
Naples FL 33963
County: Collier |
Dale Alexander
Norwest Mortgage |
Business: 941-649-4111
Fax: 941-649-8172 |
5100 N. Tamiami Trail Suite 115
Naples FL 34103
County: Collier |
Lydia Sacasa
Chase Manhattan Mortgage |
Business: 305-598-7700
Fax: |
5830 SW 73rd Street
South Miami FL 33143
County: Dade |
Lydia Sacasa
Chase Manhattan Mortgage |
Business: 305-598-7700
Fax: 305-274-2880 |
8500 SW 117th Rd. #130
Miami FL 33183
County: Dade |
Ampy Linano-Roca
Norwest Mortgage |
Business: 305-662-4400
Fax: 305-662-2977 |
6910 SW 88th St. 2nd floor
Miami FL 33156
County: Dade |
Christopher Francis
Stockton Turner & Francis |
Business: 904-565-2681
Fax: 904-379-8439 |
4600 Touchton Road, Bldg 100/Ste 150
Jacksonville FL 32246
County: Duval |
Christopher Francis
Wells Fargo Home Mortgage |
Business: 904-281-9181
Fax: 904-281-9570 |
7077 Bonneval Road, Ste #110
Jacksonville FL 32216
County: Duval |
Judy Davis
AmSouth Bank |
Business: 8504441646
Fax: 8504441431 |
P. O. Box 12790
Pensacola FL 32575
County: Escambia |
Marilyn Hannon
Norwest Mortgage |
Business: 904-479-7660
Fax: 904-479-3668 |
5401 Corporate Woods Dr. Suite 300
Pensacola FL 32504
County: Escambia |
Arnie Diaz
Norwest Mortgage |
Business: 352-683-4121
Fax: 352-666-9680 |
12507 Springhill Dr. Unit F
Springhill FL 33701
County: Hernando |
Bob Saltzman
Chase Manhattan Mortgage |
Business: 813-879-4000
Fax: 813-876-5169 |
4010 Boy Scout Blvd. #425
Tampa FL 33607
County: Hillsborough |
Kim Castiglioni
Norwest Mortgage |
Business: 813-289-9305
Fax: 813-289-5328 |
1715 N. Westshore Blvd. Suite 444
Tampa FL 33607
County: Hillsborough |
Norwest Mortgage |
Business: 813-289-9305
Fax: 813-289-5328 |
1715 N. Westshore Blvd. Suite 444
Tampa FL 33607
County: Hillsborough |
Jim Parker
Norwest Mortgage |
Business: 813-684-1797
Fax: 813-685-4103 |
1979 W. Lumsden Rd. Shop 3B
Brandon FL 33511
County: Hillsborough |
Kevin Conlan
Southern Star Mortgage |
Business: (813)641-7224
Fax: (813)645-7119 |
6542 N U S Hwy 41; Ste 114A
Apollo Beach fl 33572
County: Hillsborough |
Edward Scott
Chase Manhattan Mortgage |
Business: 561-234-3977
Fax: 561-234-4933 |
738 Beachland Blvd. #3
Vero Beach FL 32963
County: Indian River |
CAROL TRUEBLOOD
FLORIDA MORTGAGE TRUST |
Business: 941-433-3222
Fax: 941-433-3672 |
8260 COLLEGE PKY., STE 204
FORT MYERS FL 33919
County: LEE |
Denise Hostetler
Norwest Mortgage |
Business: 352-241-0020
Fax: 352-241-4801 |
700 E. Grand Highway Suite 1
Clermont FL 32712
County: Lake |
Frank Krohe
Chase Manhattan Mortgage |
Business: 941-936-1777
Fax: 941-936-0120 |
12734 Kenwood Lane #71 & 72
Ft. Myers FL 33907
County: Lee |
Dale Alexander
Norwest Mortgage |
Business: 941-482-2662
Fax: 941-482-1895 |
7051 Cypress Terrace Suite 205
Ft. Myers FL 33907
County: Lee |
Kerry Gaby
Norwest Mortgage |
Business: 904-906-0022
Fax: 904-906-0033 |
1495 Market Street
Tallahassee FL 32312
County: Leon |
Frank Krohe
Chase Manhattan Mortgage |
Business: 941-953-2443
Fax: 941-953-3224 |
2 N. Tamiami Trail #102
Sarasota FL 34236
County: Manatee |
Frank Krohe
Chase Manhattan Mortgage |
Business: 941-751-6611
Fax: 941-727-0360 |
3643 Cortez Rd.,West #200
Bradenton FL 34210
County: Manatee |
Frank Fontanetta
Norwest Mortgage |
Business: 941-923-8939
Fax: 941-923-1381 |
2975 Bee Ridge Road Suite A
Sarasota FL 34239
County: Manatee |
Ed Kinkopf
Norwest Mortgage |
Business: 941-745-1994
Fax: 941-745-2877 |
6400 Manatee Ave. West Suite 1
Bradenton FL 34209
County: Manatee |
Don Howat
Chase Manhattan Mortgage |
Business: 407-660-8876
Fax: 407-660-9676 |
901 N. Lake Destiny Dr., #322
Maitland FL 32751
County: Orange |
Kevin w. Kennedy
Chase Manhatten |
Business: 407-6608876
Fax: 407-6609676 |
901 Nort h Lake Destiny Drive
Maitland FL 32751
County: Orange |
Pam Voorhees
Countrywide Home Loans |
Business: 407-644-2522
Fax: |
501 N Orlando Ave Suite 213
Orlando FL 32789
County: Orange |
Linda Stewart
Countrywide Home Loans |
Business: 407-292-4492
Fax: |
4900 Kirkman Road
Orlando FL 32811
County: Orange |
Lauralynn Jiles
Countrywide Home Loans |
Business: 407-523-3512
Fax: |
1485 E Silver Star Road
Ocoee FL 34761
County: Orange |
Todd Boss
North American Mortgage |
Business: 407-740-3160
Fax: |
541 South Orlando Avenue - Ste 200
Maitland FL 32751
County: Orange |
Donna Garland
Norwest Mortgage |
Business: 407-660-8426
Fax: 407-660-0141 |
801 S. Lake Destiny Rd. Suite 150
Maitland FL 32751
County: Orange |
Greg Pingston
Norwest Mortgage |
Business: 407-660-9119
Fax: 407-680-9134 |
2400 Maitland Center Pkwy Suite 117
Maitland FL 32751
County: Orange |
Valerie Jones
Norwest Mortgage |
Business: 407-660-9119
Fax: 407-660-9134 |
2400 Maitland Cntr Pkwy Suite 117
Maitland FL 32751
County: Orange |
Don Howat
Chase Manhattan Mortgage |
Business: 407-660-8876
Fax: 407-660-9676 |
1524 N. Bermuda Ave.
Kissimmee FL 34741
County: Osceola |
Victoria Dobbins
Norwest Mortgage |
Business: 407-935-9100
Fax: 407-935-9165 |
1609 E. Vine Street Suite A
Kissimmee FL 34744
County: Osceola |
Tim Fredrickson
Chase Manhattan Mortgage |
Business: 561-686-4145
Fax: 561-686-2115 |
701 Northpoint Pkwy #115
W. Palm Beach FL 33407
County: Palm Beach |
Craig Londre
Chase Manhattan Mortgage |
Business: 561-241-9100
Fax: 561-241-5474 |
2255 Glades Rd. #205E
Boca Raton FL 33431
County: Palm Beach |
Michelle Thomas
Chase Manhattan Mortgage |
Business: 561-241-9100
Fax: 561-241-9050 |
2255 Glades Rd. #205E
Boca Raton FL 33431
County: Palm Beach |
Blair Glenn
Norwest Mortgage |
Business: 561-624-1646
Fax: 561-624-9062 |
4114 Northlake Blvd. Suite 201
Plm Bch Gardens FL 32751
County: Palm Beach |
Frank Krohe
Chase Manhattan Mortgage |
Business: 813-377-9002
Fax: |
8410 US Hwy 19 North #105
Port Richey FL 34668
County: Pasco |
Frank Krohe
Chase Manhattan Mortgage |
Business: 813-577-9002
Fax: 813-577-4807 |
877 Executive Cntr Dr. W #306
St. Petersburg FL 33702
County: Pinellas |
Frank Krohe
Chase Manhattan Mortgage |
Business: 813-725-9925
Fax: 813-725-9181 |
28100 US Hwy 19, N. #403
Clearwater FL 34621
County: Pinellas |
Arnie Diaz
Norwest Mortgage |
Business: 813-669-4401
Fax: 813-669-0935 |
2560 Enterprise Road Suite B
Clearwater FL 34619
County: Pinellas |
Patrick Allison
Norwest Mortgage |
Business: 813-822-6641
Fax: 813-822-6734 |
100 Second Avenue Suite 200-S
St. Petersburg FL 33701
County: Pinellas |
Kim Castigiloni
Norwest Mortgage |
Business: 813-781-5519
Fax: 813-785-1779 |
32680 US Hwy 19 North
Palm Harbor FL 34684
County: Pinellas |
Chase Manhattan Mortgage |
Business: 800-8883844
Fax: |
3500 S. Florida Ave. #2C
Lakeland FL 33803
County: Polk |
Anita Dotterweich
Norwest Mortgage |
Business: 941-701-7016
Fax: 941-701-8603 |
5300 S. Florida Avenue Suite B
Lakeland FL 33813
County: Polk |
Sandy Simmons
Countrywide Home Loans |
Business: 407-339-1148
Fax: |
1815 W SR 434
Longwood FL 32750
County: Seminole |
Kim Conley
Countrywide Home Loans |
Business: 407-696-8881
Fax: |
1425 Tuskawilla Road Suite 181
Winter Springs FL 32708
County: Seminole |
Sandi Rees
Countrywide Home Loans |
Business: 904-258-0544
Fax: |
1500 Beville Road
Daytona Beach FL 32114
County: Volusia |
Delana Smith
Norwest Mortgage |
Business: 904-248-3117
Fax: 904-248-8548 |
435 S. Ridewood Avenue Suite 207
Daytona Beach FL 32114
County: Volusia |
Attention Mortgage Bankers!
Would you like to be included in our database of
Energy Efficient Mortgage (EEM) bankers? We will be happy to include your
name and contact information in our database if you agree to offer EEM
products. Please fill out the form below and a representative from the
Florida Energy Gauge Program will contact you. (
Click here for submission form)
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