You shouldn’t have to choose between an energy-efficient home and a balanced budget. With a HomeStyle® Energy mortgage, there are options for keeping your utility bills low and your home environment healthy.
HomeStyle Energy mortgages let homebuyers use up to 15% of the “as completed” value of the property — that’s the value of the home once the upgrades are completed — for new energy improvements. Improvements above $3,500 may require a Home Energy Reporting System (HERS), Department of Energy (DOE), or comparable report.
What can a HomeStyle Energy mortgage be used for?
- Energy efficiency improvements including ENERGY-STAR® certified products, smart thermostats, HVAC systems, basic weatherization and insulation, energy-saving windows and doors, and water heaters
- Water efficiency improvements including water-saving toilets and low-flow shower heads and faucets
- Renewable energy improvements including solar panels, wind power, and geothermal power
- Home resilience/natural disaster readiness projects including storm surge barriers, foundation retrofitting for earthquakes, brush and tree removal in fire zones, retaining walls, and radon remediation system installation
- Existing energy improvement debt from Property Assessed Clena Energy (PACE) loans, credit cards, and home equity credit lines
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Source: yourhome.fanniemae.com