Q: What is an FHA Energy Efficient Mortgage (EEM)?
A: The EEM is an FHA Mortgage feature that allows for a borrower to acquire or refinance their home and add on the cost of Energy Improvefments with no additional qualification restrictions.
Q: Are there benefits for both borrowers and sellers?
A: Yes, to both. Buyer's can qualify for a larger loan on an improved home. Borrower's can recognize the monthly financial benefits as soon as the work is done. Seller's can marken an Energy Efficient Home, the buyer can qualify at a higher debt to income ratio. Borrower's or seller's can increase the potential resale value of their home.
Q: What are some of the improvements that can be incorporated into an EEM?
A: The borrower can add windows, doors, insulation and the list goes on. A HERS (Home Energy Rating System) analysis must be performed by a qualified home energy rater and they will make recommendations.
Q: Can the cost of Improvements be Escrowed?
A: Yes, the cost of the energy improvements can be escrowed for a period of no longer than 90 days. All energy improvements must be performed and completed within the 90 day window. Funds not used within the 90 day period must be applied against principal.
Call Jason Bowman at 513-766-0647 or email him at
Jason@JJBowman.com to find out more information about this program.