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What is a Green Mortgage?

A Green Mortgage, or Energy Efficient Mortgage (EEM), provides borrowers with the opportunity to finance energy efficient, money saving improvements to their home as part of a single mortgage. Green Mortgages or EEMs are sponsored by the federal government and cost the same as a conventional mortgage.

Green mortgage programs also stretch debt-to-income qualifying ratios on loans by considering the estimated energy savings in an efficient home as "found money", therefore allowing borrowers to qualify for a larger loan amount when purchasing a more energy-efficient home.

Types of Green Mortgages include:

• Conventional Energy Efficient Mortgages
• FHA's Energy Efficient Mortgage program (EEM)
• ENERGY STAR Mortgages
• Veteran's Administration (VA) Energy Efficient Mortgages.

When you sign up for a green mortgage, you will agree to have a Home Energy Audit done for your home to determine the amount of savings that is possible at your home. Home Energy Audits typically take about three (3) hours to complete by a licensed professional.

After completing the audit, a complete energy analysis will be provided to you and your lender. This energy analysis will include recommendations for the greatest areas for improvement in your home providing the largest return on your investment.

Additional benefits of green mortgages include saving energy and reducing greenhouse gas (GHG) emissions by making your home more efficient. The reduction in energy use through greater home efficiency will save you money at no extra cost!

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