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What is an Energy Efficient
Mortgage?
An Energy Efficient Mortgage (EEM)
is a mortgage that credits a home’s energy efficiency in the
mortgage itself. EEMs give borrowers the opportunity to
finance cost-effective, energy-saving measures as part of a
single mortgage and stretch debt-to-income qualifying ratios
on loans thereby allowing borrowers to qualify for a larger
loan amount and a better, more energy-efficient home.
To get an EEM a borrower typically has to have a home energy
rater conduct a home energy rating before financing is
approved. This rating verifies for the lender that the home is
energy-efficient.
EEMs are typically used to purchase a new home that is already
energy efficient such as an ENERGY STAR qualified home. The
term EEM is commonly used to refer to all types of energy
mortgages including Energy Improvement Mortgages (EIMs), which
are used to purchase existing homes that will have energy
efficiency improvements made to them. EIMs allow borrowers to
include the cost of energy-efficiency improvements to an
existing home in the mortgage without increasing the down
payment. EIMs allow the borrower to use the money saved in
utility bills to finance energy improvements. Both EEMs and
EIMs typically require a home energy rating to provide the
lender with the estimated monthly energy savings and the value
of the energy efficiency measures — known as the Energy
Savings Value.
EEMs (and EIMs) are sponsored by federally insured mortgage
programs (FHA and VA) and the conventional secondary mortgage
market (Fannie Mae and Freddie Mac). Lenders can offer
conventional EEMs, FHA EEMs, or VA EEMs.
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