Energy efficient mortgages are a new and upcoming way to finance Vero Beach area homes if you’re planning to go “green”. Green homes cost more, and that added cost is often the burden that prevents more people from going the energy efficient route when choosing a new home or modification.
Energy efficient mortgages extend your buying capacity by helping you qualify for a larger mortgage. The lower utility bills you’ll have as a result of “going green” will give you more money to spend elsewhere rather than sending it to the utility company.
Energy Efficient Mortgages for Vero Beach homes are one of many FHA programs that insure mortgage loans–and thus encourage lenders to make mortgage credit available to borrowers who would not otherwise qualify for conventional loans on affordable terms (such as first time homebuyers) and to residents of disadvantaged neighborhoods (where mortgages may be hard to get).
Borrowers who obtain FHA’s popular Section 203(b) Mortgage Insurance for one to four family homes are eligible for approximately 96.5 percent financing, and are able to add the upfront mortgage insurance premium to the mortgage. The borrower must also pay an annual premium.