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Finance Vendor Details

VA FHA Energy Efficient Mortgage by imortgage
Lender: Loan Depot LLC
Contact Information
Website: www.imortgage.com/roland.macias
Phone: (562) 924-9707
Email: roland.macias@imortgage.com
Property Types
Program Description
The Federal Housing Administration's (FHA's) Energy Efficient Mortgage (EEM) helps homeowners, who are veterans, finance the cost of adding energy efficiency and renewable energy upgrades to their home as part of an FHA-insured home purchase or refinance mortgage. The actual mortgage loan is provided through an FHA-approved lender, such as imortgage, and the FHA provides mortgage insurance to reduce the risk of the additional energy project cost to the lender. The additional energy project cost available to the homeowner through the EEM is determined by the results of an energy audit, usually provided through a professional who conducts a Home Energy Rating System (HERS) test on the house. As with any typical mortgage, EEMs can be structured in many different ways that may include closing costs, fees or points.
The Federal Housing Administration's (FHA's) Energy Efficient Mortgage (EEM) helps homeowners, who are veterans, finance the cost of adding energy efficiency and renewable energy upgrades to their home as part of an FHA-insured home purchase or refinance mortgage. The actual mortgage loan is provided through an FHA-approved lender, such as imortgage, and the FHA provides mortgage insurance to reduce the risk of the additional energy project cost to the lender. The additional energy project cost available to the homeowner through the EEM is determined by the results of an energy audit, usually provided through a professional who conducts a Home Energy Rating System (HERS) test on the house. As with any typical mortgage, EEMs can be structured in many different ways that may include closing costs, fees or points.
Verified by Lender on: 9/21/2016
The data provided is for informational purposes only. For actual loan terms specific to borrowers, contact the lender directly.
Types of Financing
Secured
Financing & Payment Information
Term (years):
15, 0
Minimum Amount:
$50,000
Maximum Amount:
$0
Fees:
None
Money Down Required:
No
Repayment Method:
Off-bill loan (Direct to Lender)
Payment Frequency:
Monthly
Pre-Payment Penalty:
No
Allowable Projects
Funds Energy Efficiency projects
Funds Renewable Energy projects
Other Program Requirements
Financing Approval Time
More than 48 hours
Equity in Property Needed
No

Financial Products

Lien type Secured loanSecured loan
Re-Payment Method Off-bill loan (Direct to Lender)Off-bill loan (Direct to Lender)
Property Types
Automatic payment option available YesYes
Requires utility incentive program participation NoNo
Must use Program's pre-approved contractors NoNo
One-time fees (% of total financing) NoNo
One-time fees (fixed) NoNo
Ongoing fees NoNo
Financing Amount $50,000 +$50,000
Financing Term (yrs.) 15 year(s)0 year(s)
Rate Market Rate0%
Money Down Required? NoNo
Credit Enhancement Available Yes - Insurance
Risk Mitigation Insurance
Transferrable YesYes
Prepayment Penalty or Fee NoNo
Tax Deductibility YesYes
Minimum Credit Score Required Yes: 580Yes: 580
Equity in Property Required YesYes
Debt to Income Ratio Required YesYes
Involuntary Property Liens Allowed NoNo
Foreclosures Allowed Yes: Yes (Occurred more than 2 years ago)Yes: Yes (Occurred more than 2 years ago)
Bankruptcies Allowed Yes: Yes (Occurred more than 2 years ago)Yes: Yes (Occurred more than 2 years ago)
Mortgage Lender Consent/ Acknowledgement NoNo
Must be current on property taxes YesYes
Must be current on mortgage YesYes
Loan to value Yes: 1%Yes: 1%
Debt Service Coverage Ratio Yes: 0Yes: 0
Financing Approval Time More than 48 hoursMore than 48 hours
Projected Energy Savings/Cash Flow is considered YesYes
Must be current on utility bill NoNo

Upgrades Covered

No Results

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