*True 100% Loan
*Credit down to 580
*Repairs may be financed
*No purchase price limits
*All closing costs may be financed
*Not just for first time homebuyers
Effective March 12, 2008
What is an energy mortgage? An energy mortgage is a mortgage that credits a home's energy efficiency in the home loan. There are two types of energy mortgages:
Energy Improvement Mortgage
Energy Efficient Mortgage
The ability to leverage a home buyer's investment in energy efficiency increases the number of qualified home buyers and increases the purchasing power of the consumer. A recent analysis by the Environmental Protection Agency confirmed that energy efficient mortgages can have a dramatic impact on increasing the opportunities for home ownership. The analysis found that an average of 6.8% more families would be able to qualify for a mortgage through an energy efficient mortgage.
Fannie Mae, Freddie Mac, FHA and VA have adopted special underwriting guidelines to make financing energy efficiency less burdensome.
Other than the mortgage payment, the monthly utility bill often is a homeowner's largest monthlyexpense. Homeowners spend more on energy than on the combined costs of telecommunication needs -including local, long distance, cell phones, paging,cable, and Internet service.
An Energy Efficient Mortgage can help you finance cost-effective, energy-saving measures as part of your mortgage. These energy-saving measures will enable you to reduce your consumption of energy, lower your utility bills, help the environment, and increase the potential re-sale value of your home. And if you are upgrading an existing home, an Energy Efficient Mortgage can enable you to take advantage of the benefits it offers without having to move.
The Energy Efficient Mortgage guidelines make underwriting allowances for the borrower by permitting the savings from the cost of energy improvements, and/or residential energy efficiency tax credit to be added to the borrower's income.
Monthly Housing Expense Savings - $44
On November 29, 2007 the Office of Federal Housing Enterprise Oversight
OFHEO’s House Price Index is published on a quarterly basis and tracks average house price changes in repeat sales or refinancings of the same single-family properties. OFHEO’s index is based on analysis of data obtained from Fannie Mae and Freddie Macfrom more than 33 million repeat transactions over the past 32 years.
The report showed the percent change in house prices for the period ending September 30, 2007. North Carolina ranked 7th in the country for the one year period. Over the past five years, houses have appreciated 32.24% for the state. Since 1980 homes have appreciated 245% in North Carolina.
These sound like large increases at first, but lets look at the numbers for the United States as a whole. For the five year period ending September 30, 2007 the average house appreciation in the United States was 46.92%. Since 1980 the US average was 308.02%. So even with all the recent appreciation in North Carolina, it has still been appreciating less than the US as a whole.
Now lets look at the Asheville, North Carolina metropolitan statistical area. It was ranked 9th in the US with a home appreciation rate of 9.44% through September 30, 2007. The Five year appreciation rate was 55.46%, which is close the 46.92% for the US as a whole. Don't forget, that is the average of the entire country. Five year appreciation rates for the fastest growing areas have been in the 70% range.
It is worth noting that the Hickory-Lenoir-Morganton, NC metropolitan statistical area was ranked14th in the country with a 8.56% appreciation rate through september 30, 2007, and a five year appreciation rate of 22.52%.
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