Do you even know what a EEF mortgage is? Well an EEF mortgage is an Energy-efficient mortgage. These mortgages appeared in the early 1990s. Fannie, Freddie and the VA all offer EEF mortgages and FHA insure many of these type of mortgages. In fact, FHA has a new PowerSaver pilot program. This program permits homeowners with a mortgage to finance as much as $25,000 in energy improvements with a second, subordinate mortgage. The borrowers of these type of loans call for a FICO score of 660 or better with a debt-to-income ratio of 45 percent or less. The combined loan-to-value ratio cannot exceed 100 percent.
The FHA 203(k) loan is the Federal Housing Administration’s main program for repairing single-family homes. These loans are great for properties that need to be repaired, modernized and weatherized. Check out http://sctsm.in/fha203k for more information.