Comments for Go2HomePro Home Inspections http://go2homepro.com Central Florida and Orlando HomePro Home Inspections Sun, 24 Apr 2011 17:24:49 +0000 hourly 1 http://wordpress.org/?v=3.0.4 Comment on Fannie Mae Adopts New Energy Improvement Feature for Mortgage Loans by Bo Smith http://go2homepro.com/general-items/fannie-mae-adopts-new-energy-improvement-feature-for-mortgage-loans/#comment-49 Bo Smith Sun, 24 Apr 2011 17:24:49 +0000 http://go2homepro.com/?p=827#comment-49 We have been closing Energy Efficient Mortgages for almost 3 years now under the FHA Guidelines and welcome the FNMA Energy Improvements. We are in the process of becoming the newest lender to embrace these changes with FNMA in hopes of offering such services soon. WIth that said several questions will be raised and not answered on FNMA website about this. 1.With the 10% add on for improvements is your combines loan to value impeded? Meaning if you put 20% down to then take back 10% of Energy Improvements then will you have to pay private mortgage insurance for making your home more energy efficient. That said if it was the case then it would be cost prohibited and not an energy efficient improvement if the costs of doing such deflates the savings with the new PMI 2. Will FNMA allow 10% over ceiling max mortgage limits? Currently the national average celing for FNMA is $417k, will they allow 10% over that. We have been closing Energy Efficient Mortgages for almost 3 years now under the FHA Guidelines and welcome the FNMA Energy Improvements. We are in the process of becoming the newest lender to embrace these changes with FNMA in hopes of offering such services soon. WIth that said several questions will be raised and not answered on FNMA website about this.

1.With the 10% add on for improvements is your combines loan to value impeded? Meaning if you put 20% down to then take back 10% of Energy Improvements then will you have to pay private mortgage insurance for making your home more energy efficient. That said if it was the case then it would be cost prohibited and not an energy efficient improvement if the costs of doing such deflates the savings with the new PMI

2. Will FNMA allow 10% over ceiling max mortgage limits? Currently the national average celing for FNMA is $417k, will they allow 10% over that.

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