203(k) Mortgages
August 28th, 2008 categories: Buyer's Advice, Green Mortgages
Streamline 203(k) Mortgages
FHA’s 203(k) streamlined rehabilitation loan. This versatile product, while not designed exclusively for energy purposes, can be used to finance up to $35,000 in energy upgrades to a property. From insulation, windows or solar panels, to a new furnace—virtually any energy feature qualifies. Environmental retrofits such as radon mitigation systems are also eligible under the 203(k) program.
The Section 203(k) program is HUD’s primary program for the rehabilitation and repair of single family properties. It is an important tool for community and neighborhood revitalization and for expanding homeownership opportunities.
Thanks Patrick. I have heard a lot about these loans and needed more information. Will pass on to Jodi Kirkwood, your website designer!
Hi Cherie,
Thanks for your comment. Other programs including Energy Efficient Mortgages - the Housing and Economic Recovery Act of 2008 addresses the issues and benefits of EEM’s. Part of this act requires the Secretary of Housing and Urban Development (HUD) to develop recommendations to eliminate the barriers when using Energy Efficient Mortgages. These recommendations are due to Congress within six months of the signing of the bill. Things are looking pretty good for first time buyers and will allow them to increase their purchasing power.
Patrick.