Consumers now have a new way to finance energy and water efficiency improvements in their homes.
Last week, Fannie Mae introduced the HomeStyle Energy mortgage which enables borrowers to finance energy-efficient upgrades when purchasing or refinancing a home. This mortgage may be more affordable than a subordinate lien, home equity line of credit, Property Assessed Clean Energy (PACE) loan or unsecured loan.
The HomeStyle Energy mortgage allows borrowers to finance up to 15% of the “as-completed” appraised property value of a home. Individuals can finance up to $3,500 in weatherization or water-efficient improvements with no energy report.
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