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How and Where to Get Financing for Home Energy Efficiency Upgrades

How and Where to Get Financing for Home Energy Efficiency Upgrades

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Ever heard of an EEM (energy efficiency mortgage) loan? Making your home more energy efficient may reduce your utility bills for the long term, but paying for the upgrades upfront can be a challenge. EEM’s can be one source.

Another potential source of funds is a traditional HELOC (home equity line of credit). Check with your bank, credit union or mortgage servicer for details and rates.

There are a number of financial institutions with programs specifically designed for financing energy efficiency upgrades. These are often called EEM loans (Energy Efficiency Mortgages).

Homeowners can take advantage of EEM’s to either finance energy efficient improvements to existing homes, including renewable energy technologies, or to increase their home-buying power when purchasing a new energy efficient home.

Puget Sound Cooperative Credit Union, Craft 3, and Umpqua Bank are just three financial institutions you can check out for EEM’s and similar loan programs.

If you’d like ideas and information about the variety of energy efficiency projects you might want to take on, consider attending The Northwest Green Home Tour on Sunday, April 28th and 29th. This is a multi-location event and free tickets are available (though a $10 donation is suggested). For a location map and more detailed information, go to: www.nwgreenhometour.org.

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Employers Can Now Add to Down Payments

Employers Can Now Add to Down Payments

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A new program allows employers to help workers put a down payment on a home, similar to how companies contribute to a 401(k).

HomeFundMe, a Fannie Mae and Freddie Mac-approved down payment crowdfunding platform, allows borrowers to crowdfund their down payment from several sources, including their employer. CMG Financial, a mortgage banking firm, created the HomeFundMe program. Employers can contribute directly to employees’ HomeFundMe accounts to help raise funds for a down payment on a home.

HomeFundMe explains: “The HomeFundMe Affinity Portal allows employers to add HomeFundMe to their benefit packages, with the option to elect to match donations in any amount. Employers simply have to share the customized crowdfunding platform with employees, and HomeFundMe will provide all the materials necessary to communicate the benefit.”

Some loans may also be eligible for a lender contribution of $2 for every $1 crowdfunded, up to $2,500 or 1 percent of the purchase price. Buyers who have incomes above the average median income can receive a lender contribution of $2 for every $1 crowdfunded, up to $1,000 or 1 percent of the purchase price.

HomeFundMe loans are also eligible for a buyer or listing agent contribution of 1 percent toward the down payment.

All crowdfunded money is held in escrow until settlement.

“More than ever, employers are looking for ways to retain and attract the best and brightest talent and millennials are looking for the lifestyle perks that will help them achieve their goal,” says Chris George, president of CMG Financial. “The Affinity Portal helps to bridge that gap by giving employers the ability to give their employees the benefits that matter most to them.”

Source: CMG Financial

Source: Employers Can Now Add to Down Payments | Realtor Magazine

DAILY REAL ESTATE NEWS | FRIDAY, JANUARY 12, 2018