Yes, that’s right, no monthly payments. You can get an energy efficient loan for Solar, heating and air conditioning systems, attic and wall insulation, windows and several other energy efficient improvements.
The criteria for this loan is pretty straight forward. You must be the property owner, current on your mortgage, current on your property taxes and not had a Bankruptcy within 5 years. There is no credit check required. No monthly payments as the payments are due when you pay your property taxes. You can get 10, 15, 20, and even 30 year loan payments depending on the life of the improvement. This loan does not need to be paid off if you sell your property as it goes with the property.
Locally only Placer County is doing this type of loan, but the other counties are looking into possibly starting it too. The web site for more information is www.Mpowerplacer.org
This is a great program if you plan on staying in your current home and want to remodel or if you are thinking of selling an older property but don’t have the cash to upgrade the property with energy efficient improvements.
These are mortgages that mean comfort and savings whether your buying, selling, refinancing or remodeling your home. It is easy to use, federally recognized, and can be applied to most home mortgages. EEM’s provide special benefits when purchasing a home that is energy efficient or can be made efficient through the installation of energy saving improvements. With lower utility bills you will have more money in your pocket each month. You can afford to allocate a larger portion of your income to housing expenses. You can pay for the energy improvements easily through your mortgage. Your lender can increase your loan to cover the energy improvement costs. Monthly mortgage payments increase slightly, but you actually save money because your energy bills will be lower.
- Qualify for a larger loan on a better home
- Get a more comfortable home
- Save money every month from day one
- Increase resale value of your home
- Sell your home more quickly
- Make your house affordable to more people
- Attract attention in a competitive market
- Get all the EEM benefits without moving
- Make improvements that save you money
- Increase the potential resale value of your home
Energy efficient homes costs less to own than non-efficient homes. You may want to check out Energy Efficient Mortgages if you are interested in saving money.