It’s good to be green. No, seriously. While overly pro-social messages generally irritate me (such as when Desperate Housewives added not-so-cleverly hidden messages of recycling into it’s last episode), I do agree with the efficiency of being green.
Most of us probably wouldn’t spend extra money on appliances, home improvements, or cars just for the sake feeling like we’ve helped the planet – but we would do it if it meant we were saving money in the long run. Well, at least personally, it makes sense to me to spend a little extra to save a lot more in the future. And if I’m being green along the way – even better.
And that’s why there’s good news for potential home buyers who have been considering green home improvements, once they own their dream home. New York Times recently published an article on new opportunities for homeowners to finally make those improvements.
According to the Times, Fannie Mae announced an unveiling of new incentives by this summer for homeowners who want to use part of their mortgage for energy-related improvements. Previously, only FHA Mortgages offered larger loans for homeowners who needed additional funds for energy-related improvements. These upgrades have to yield long-term savings, and offer many homeowners up to 5% above what they could have qualified for in a conventional loan.
FHA loans have become one of the most popular loans due to its flexibility with credit scores and low down payment requirements. But out of the many homeowners who received an FHA loan last year – only 3,088 chose the energy efficient mortgage option according to Times.
Regardless of whether you choose an FHA loan for your home, borrowers of conventional loans are going to see an increase in the number of options available before this summer. And unlike FHA loans, conventional loans by Fannie Mae do not require mortgage insurance if the borrower makes a full down payment of at least 20%.
Energy Star is also teaming up with the Department of Energy and the Environmental Protection Agency to bring borrowers in New York additional incentives and discounts before July.
So if you’re buying a home, or maybe you just bought a home, look into energy efficient home improvements and the perks of being green.
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