Ecohousing or Ecovillages through Energy-Efficient Mortgages
Ecovillage, Cohousing, Cooperative Housing, Intentional Community
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Directory for Ecovillages, Ecohousing
Joint Venture with Land Owners
Ecovillages in Dallas-Fort Worth
Cohousing in Dallas-Fort Worth
Community in Dallas-Fort Worth
Common Areas of Cohousing & Ecovillages:
What Affects Affordability?
If you are in a rural community which qualifies and you qualify as to income, the USDA has a loan program for these communities. See here.
Over and above the fact that you will be more comfortable in an energy-efficient home and save money every month on utilities, you can also benefit from your mortgage.
As a home owner, you can qualify for a larger loan on your energy-efficient home. Because you will be paying less for your utilities, your financing company can stretch debt-to-income qualifying ratios on loans for energy-efficient homes.
Of course, a larger loan slightly increases your monthly mortgage payments, but you actually save money because your energy bills will be lower.
There are three kinds of Energy Efficient Mortgages, also known as EEMs, that make it easier for borrowers to qualify for loans to purchase homes with specific energy-efficiency improvements.
Conventional Energy Efficient Mortgages
Conventional EEMs are offered by lenders who sell their loans to Fannie Mae and Freddie Mac. Conventional EEMs increase the purchasing power of buying an energy efficient home by allowing the lender to increase the borrower’s income by a dollar amount equal to the estimated energy savings. The Fannie Mae loan also adjusts the value of the home to reflect the value of the energy efficiency measures.
FHA Energy Efficient Mortgages
FHA EEMs allow lenders to add 100 percent of the additional cost of cost-effective energy efficiency improvements to an already approved mortgage loan (as long as the additional costs do not exceed $4000 or 5 percent of the value of the home, up to a maximum of $8000, whichever is greater). No additional down payment is required, and the FHA loan limits won’t interfere with the process of obtaining the EEM.
VA Energy Efficient Mortgages
The Veteran’s Administration (VA) EEM is available to qualified military personnel, reservists and veterans for energy improvements when purchasing an existing home. The VA EEM caps energy improvements at $3,000–$6,000.
Questions? Please come to our next introductory meeting. In the meantime, call metro 972 251-1532 or 817 545-0140 for answers.
A movement back to community?
DFW Net Mall Homepage
Scheduled Meetings are normally
held in Rockwall and Hunt Counties, occasionally in Dallas County
forming in Hunt County
Ecovillage General Information
Renewable Energy in DFW
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