“Green” Mortgage Loans

Atlas Crown facilitates a wide spectrum of real estate transactions, however the company is passionate about providing funding for “green” real estate projects. The most common belief is that adding “green” features to a home or commercial building is too expensive or will not provide a return on the investment. For many people, this misconception is based on the definition of “green” features.

The best “green” real estate projects focus on a broad range of improvements to the property that improve energy efficiency, increase the quality of the air indoors and increase the effectiveness of the property’s water use.  When done correctly, green financing equates to comfort and savings which decreases monthly utility bills and increases the value of the property.

Atlas Crown has built relationships with lenders that have the same focus and believe that most people are not aware of all the options for these type of projects. In addition, we can help you understand the rebates available based on the improvements you want to make. Whether it is a mortgage to finance energy upgrades or coaching the client where to go to take advantage of programs or rebates, Atlas Crown will be a knowledgeable source to help you.

Energy Efficient Mortgages (EEM):

THE ENERGY EFFICIENT MORTGAGE means comfort and savings. When you are buying, selling, refinancing, or remodeling your home, you can increase your comfort and actually save money by using the Energy Efficient Mortgage (EEM). It is easy to use, federally recognized, and can be applied to most home mortgages. EEMs provide the borrower with special benefits when purchasing a home that is energy efficient, or can be made efficient through the installation of energy-saving improvements. The EEM feature is used in conjunction with a Fannie Mae/Freddie Mac loans, FHA loans or VA loans.

Fannie EEM

Eligible for all one unit existing properties, purchases, rate and term refi’s, all occupancy types, all Fannie products (except cash-out refis, refi plus and Du refi plus). Recommended energy improvements must be cost effective. It is considered cost effective if determined cost of improvements and maintenance is less than the present value of the energy saved over useful life of the improvements. The maximum amount that can be borrower is 15% of the as completed value.

FHA EEM

The max loan amount (as of mortgagee letter 2009-18) – Lesser of 5% of:

  • Value of property, or
  • 115% of the median area price of a single family home, or
  • 150% of the conforming Freddie Mac limit

Eligible – All 1-4 unit properties, new and existing, and manufactured housing, purch and refi’s (with some limits on streamline)

Borrower can finance 100% of cost of energy package with no additional down required. LTV based on base loan amount prior to adding costs. Eligible if determined cost of improvements and maintenance is less than the present value of the energy saved over useful life of the improvements.

VA EEM

The VA will allow you to finance money for energy-efficient home improvements into your new mortgage loan or refinance mortgage loan as long as the money is used to pay for one of the following home improvements:

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Homestyle Rehabilitation Loan

See description under Conventional Loans for more details

FHA 203k Rehab Loans

See description under Residential Mortgages for more details