FHA Energy Efficient Home Loans

FHA energy efficient home loans enable homeowners to get discounts with environmental friendly mortgage refinance loans. The Energy Efficient Mortgages Program aids homeowners with financial saving on utility bills by enabling them to finance the cost of adding energy-efficiency features to new or existing housing as part of their FHA-insured home purchase or refinancing mortgage.

This loan program rewards energy-efficiency goals and offers better housing for people who may not otherwise be able to afford it. When evaluating the benefits, consider the money saved each month that can be realized with each utility bill. Energy efficient home loans have become more available with FHA refinancing. With these environmental home mortgages, borrowers do not need to get a separate, loan for energy improvements when purchasing an existing home.

Homeowners who took out FHA's popular 203(b) Mortgage Insurance for 1-4 Unit Homes are eligible for approximately 97% loan to value and in most cases borrowers cab roll the closing costs and the up-front mortgage insurance premium into the mortgage.

FHA home loans are easy to qualify for because FHA mortgage loans allow bad credit is allowed and you virtually no equity is required to refinance. Recently, the FHA released temporary mortgage loan limits ranging from $271,050 to $729,750. FHA mortgage limits will be set at 125% of the median sales price for the area. Previously, FHA loan limits were restricted to $362,790 in high cost areas.

With Congress and the Senate encouraging interest rate reductions again, FHA mortgage rates have fallen and homeowners finally able to find a fixed rate refinancing solution that makes their ARM disappear. Many mortgage lenders report lower mortgage rates for term refinancing and consumers are responding with home saving stories that helped them prevent foreclosures in many cases.

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