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Home Loans For Energy

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Posted by Dominick Penny on March 20, 2010, 1:56 am

With home energy bills on the rise across the nation, lenders are
offering homeowners financing to upgrade their homes. Long-term, low-
interest mortgages and loans are popping up from both government and
private lenders for homeowners who want to improve their homes' energy
efficiency. Borrowers can even arrange for 30-year loans with interest
rates under 10%.
For example, homeowners who wish to purchase a home that needs energy
upgrades -- such as new appliances and heating -- can add an
additional $5,000 to their mortgage using a FHA program. The program
is aimed at several home improvement projects, including new roofing,
plumbing or upgrades in energy efficiency. Everything from new doors
and windows to added insulation is included in the program, according
to the agency.
The FHA's Streamline K loan program offers a 30-year mortgage, fixed
or adjustable. The average loan amount for improvements ranges between
$8,000 and $0,000. The program offers a way to "bring today's energy
technology to yesterday's houses," says Doris Ikle, president of CMC
Energy Services.
"When people are buying a house...they want at this point to reduce
their bills. Yet, buyers often have no money left for improvements
once they close on a mortgage," she said. There are also several
private lenders offering loans for upgrades in energy efficiency. Many
states have programs that give added incentive.
When looking to purchase a home with energy improvements financed, you
will have to have an energy audit performed on the home. However, the
extra steps at closing can often save you a lot of time and money in
the long run.

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Posted by vaughn on March 20, 2010, 11:49 am

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