Fannie Mae green energy mortgages rely on appraisals.
Fannie Mae on March 29 introduced HomeStyle Energy mortgages, a loan product that allows borrowers to finance energy-efficient upgrades when purchasing or refinancing a home and eliminates the need for a subordinate lien, a home equity line of credit, a Property Assessed Clean Energy loan or an unsecured loan.
Under the program, borrowers can receive up to 15 percent of the as-completed appraised value of a home to use for energy-efficient upgrades once they submit an energy report--such as the Home Energy Ratings Systems, or HERS, report--from a qualified Residential Energy Services Network energy rater.
HomeStyle Energy builds on (and replaces) current energy improvement features in the Selling Guide.
* Find information about HomeStyle Energy mortgages at http://bit.ly/1UNJ1yu.
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|Title Annotation:||Up Front: APPRAISAL INSTITUTE AND INDUSTRY NEWS|
|Date:||Mar 22, 2016|
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