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Fannie Mae green energy mortgages rely on appraisals.

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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
Publication:Valuation Magazine
Date:Mar 22, 2016
Words:122
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