• Click Here to Subscribe to Email updates

  • psst … I’m a Realtor! Thanks for stopping by my website. I would love to help you find your dream home and community in the Hampton Roads or Williamsburg area or to sell your existing home. This website is authored by local resident and REALTOR, John Womeldorf. John is known around town as Mr. Williamsburg, for both his extensive knowledge of Hampton Roads and the historic triangle, and his expertise in the local real estate market. His websites, WilliamsburgsRealEstate.com and Mr Williamsburg.com were created as a resource for folks who are exploring a move to Williamsburg, VA , Hampton Roads VA and the surrounding areas of the Virginia Peninsula. On his website you can search homes for sale , foreclosures, 55+ active adult communities, condos and town homes , land and commercial property for sale in Williamsburg, Yorktown, New Kent, Poquoson, and Gloucester, VA as well as surrounding markets of Carrolton, Chesapeake,Gloucester, Hampton, Isle of Wight, Portsmouth Mathews, Newport News Norfolk, Poquoson, Smithfield, , Suffolk, Surry, Va Beach, Yorktown and York County Virginia You can reach John by email John@MrWilliamsburg.com or phone @ 757-254-813
  • RSS Colonial Williamsburg News

    • Celebrate the Everard House’s Tercentennial!
      What do an eighteenth-century invoice, a circus lion, a boat etched on a window pane, wallpaper fragments, dendrochronology samples, and a 1952 Antiques Forum program have in common? They are all pieces of the remarkable history of the Thomas Everard House that are part of Colonial Williamsburg’s museum and library collections. 2018 marks a significant...Rea […]
    • A More Accurate Look for the Governor’s Palace Arms Display
      Visitors to Colonial Williamsburg may think that our work to preserve Virginia’s 18th-century capital means that the place never changes. Every day, however, we strive to learn more about the past and build on the work of our predecessors to represent the city as accurately as possible. We work from a historical record that is...Read More »
    • As 2017 Comes to a Close, We Need Your Help!
      Courage. Independence. Liberty. These enduring values have been a part of our Nation’s story since the first stirrings of revolution. Here in Williamsburg, the importance—both past and present—of those values comes to life. From the bold actions of the patriots who began a revolution to the intimate details of daily life in 18th-century America, our...Read M […]
    • ‘Tis the Season: An Un-Colonial Christmas
      For me, Christmas this year started in March. I know. I am one of those people who does not decorate until AFTER Thanksgiving. But there I was being tasked with creating a new show for our evening programs at Christmas. And I was excited! I love the holiday season in Colonial Williamsburg; the history that...Read More »
    • This Giving Tuesday, We Need Your Help!
      Giving Tuesday is a time to celebrate and encourage the joy of giving back to nonprofits that matter—and the Colonial Williamsburg Foundation needs your help! With your support, Colonial Williamsburg will continue to: Preserve buildings, landscapes, trades, and skills that were critical at the time of Revolution Engage history lovers of all ages by bringing. […]
  • Flickr Photos

  • Advertisements

What is an Energy Efficient Mortgage (EEM)?

clip_image001

Did you know that an Energy Efficient Mortgage can be used to purchase a home and add the cost of certain repairs to the loan?  With tons of distressed properties on the market, this can be a good way for home buyers to purchase a nice home without paying $1000’s out of pocket for repairs.

What is an Energy Efficient Mortgage (EEM)?

The main idea behind these types of mortgage is that energy efficient homes use less energy and are, therefore, less expensive to own. People who have more efficient homes spend less per month on utility costs.  Theoretically, home buyers should have more to spend on their monthly mortgage payments allowing them to afford a larger mortgage.

The cost of the repairs is added to the loan amount for an FHA or VA loan.  This process is easy and does not add additional time to the processing of the loan.

What are the different kinds of EEMs?

There are 2 main kinds of EEMs:

· FHA EEM: This EEM is done in conjunction with FHA financing. Borrowers can finance up to 5% of the home’s value and it is added on top of an FHA purchase with the standard 3.5% down payment.

· VA EEM: This version of the EEM Mortgage is used in conjunction with VA financing.  It allows borrowers to finance up to $6,000 for energy efficient upgrades when purchasing an existing home regardless of the value of the home.

Depending on the amount of the repairs and the type of financing, a Home Energy Rating System (HERS) report may be necessary to determine the savings meet the requirements for the loans.  This report ranges from $500-$800 and should be ordered early in the process.  The HERS report is required on all FHA loans.

We would then just need a bid outlining the repairs and costs.  That is it! 

So, what kinds of things does an EEM pay for?

An EEM can pay for improvements like new  dual pane windows, insulation, weatherizing, energy efficient heating and cooling systems, installing active and passive solar technologies, and other upgrades.

Want to find out more about an EEM loan ?

Call or email Jim Baldasare today

 

clip_image002

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: