Fannie Energy Features

 

 

 

 

 

New Energy Improvement Financing

Can Help You Sell More Homes

Eligibility

ALL transactions loan types are permitted except:

o Purchase

o Refinance

o Renovation/Home Improvement Projects

LTV = lesser of the “as completed” appraised value or the sum of the purchase price plus the cost of the energy improvements

· ALL Occupancy Types are allowed

· Eligible properties

o ALL one-unit properties are eligible

o NO Manufactured Homes

o NO Co-op properties

 

Requirements

· Limited to 10% of “as completed” value – no minimum dollar amount

· Must have Home Energy Rating Systems (HERS) Audit Report

o Improvements must be cost effective

· Must have contractor – NO Do-It-Yourself projects

Borrower must be given $250 credit towards costs from Lender/Fannie!

I know Real Estate and I am one of Utah’s TOP Mortgage Lenders!  Not only can I answer your questions about Fannie Mae loans, I can also answer your questions about VA loans, first time home buyer opportunities, and several other loan programs that may be your solution to buying a new home!  Now is one of the BEST times to purchase real estate.  Rates are still LOW, prices are the lowest they have been in years, and you don’t want to miss this opportunity. 

If you think you can’t qualify for a home loan, you may be surprised!  Just give me a call and we will put the pencil to work for you!

Mortgage Scams: Don’t Become a Victim

Are you in a position where you are attempting to avoid foreclosure?  Maybe you are looking at lease to own options because of a situation where your credit is less than stellar.  There are several scams out there that you need to watch out for.  Here are a few of them that you should be protecting yourself from:

Phony Counselors – Scam artists present themselves as “counselors” who will negotiate a deal with the lender IF the borrower pays a fee first. Some scammers even require that all the mortgage payments be made to them while they negotiate on the borrower’s behalf.

Fake “Government “ Modifications – Scammers will claim to be approved or affiliated with the government. Their documents and website will use terms like “federal” and “TARP”. They will claim a fee is necessary to use the modification program. Borrowers should call their lenders directly to find out if they qualify for a government loan modification.  A little communication with your lender could save you from being scammed.

Bait and Switch – The scam artist tells borrowers that by signing loan modification documents the existing mortgage will become current. What the borrower is really signing surrenders title to the scammer in exchange for a “rescue loan”.

Rent-to-Own or Leaseback Schemes – Scammers tell borrowers that if they will surrender title to their home that they can stay there as a renter, and then buy the home back in a few years. The scammer then raises the rent over time to the point they can’t pay. The scammer evicts the borrower and sells the home. Another variation is when the scammer has the borrower sign over title and move out. They promise to find a buyer for the home and share part of the profit once the home is sold. What really happens is that the scammer rents out the home, never making the mortgage payments and lets the lender eventually foreclose, while they walk away with all the rent money.

Bankruptcy to Avoid Foreclosure – The scammer promises to negotiate a refinance with the lender for a fee. He pockets the fee and files a bankruptcy in the name of the borrower without the borrower’s knowledge to temporarily stop the foreclosure process. The borrower thinks things are going well because the collection calls stop.

Please do yourself a favor and protect yourself.  If you receive offers from callers and they seem to good to be true:  call your trusted mortgage lender.  The few minutes you spend counseling with your lender could save you from losing your home or thousands of dollars.