On Wednesday March 4, the General Membership Meeting of the Shasta Association of REALTORS featured Jonathan Bell of USLending (530) 366 8658.
He offered information about Energy Efficiency Home Loans (EEM). These loans allow a homebuyer to add funds on their home mortgage specifically to upgrade the home’s thermal efficiency and energy usage. Jonathan has worked hard to become a local expert on the subject, and has lined up a group of specialists to do the work before and after COE.
In a typical scenario, your buyer wants to buy a home built with older, lower energy standards. Using an EEM, the buyer can add up to about $13K in improvements to insulation, HAVAC, etc. to bring the home up to modern energy standards. The Home Energy Rating System (HERS) audit reveals that improvements can save substantial money on their monthly utility bill, which offsets any increase in the monthly mortgage payment created by the EEM. In addition, rebates and tax advantages can apply. Unlike a 203(k) loan, the improvement work is done after COE and the entire upgrade process is transparent to the seller, and painless to the buyer.
So, in addition to providing substantial long term financial benefit to the buyer, the EEM enables more local homes to be upgraded to a more environmentally friendly state and reduces their carbon footprint. Jonathan showed examples of how the program has worked on his own home, reducing his power consumption and monthly outlays. A WIN-WIN program, all around. You can help spread the word about EEM. We’ve arranged to have some of his presentation available here to you as 2 pdf files at the links below:
Another great REALTOR educational opportunity, and one that’s good for our clients and our environment. The meeting was moderated by Esther Auerbach, and refreshments were provided by Lisa Justason (800) 443 5599 of Buyers Protection Group Home Warranties. Thanks Lisa!
