STATEN ISLAND, N.Y. — With mortgage rates at new lows, many consumers are taking a closer look at mortgages options. With this in mind, the Staten Island Board of Realtors (SIBOR) is sharing the following information on  “green” mortgages. 

Writes Dean Hartman of  Keeping Current Matters:

With spring in full bloom and the landscape at its peak greenness, I was moved to share my thoughts on how smart financing can help the environment. Beyond the paperless mortgage that can save trees, I am talking about two loan products that can finance energy efficient improvements to your home. And both can be done at time of acquisition or during a refinance.

First, we have the tried and true FHA 203K which will finance homes and their renovations up to the local FHA loan limit. In terms of green mortgaging, we have seen borrowers finance $50,000 solar heating and electrical systems and geo-thermal heating and cooling systems which enable homeowners to slash their energy costs and usage. Besides saving the earth’s resources, over time, customers
save money. It’s a win/win.

But today, I want to highlight a smaller loan that has been around for a few years, but rarely utilized. It’s called the EEM (Energy Efficient Mortgage). Some of the highlights are:


  • It is available as an add-on to VA and FHA loan products, including 203K, for home purchases and refinances.
  • It allows a borrower to get an additional 5% of the home price (capped at $8,000 for FHA and $6,000 for VA loans) to finance energy efficient improvements.
  • The beauty of the additional funds is that the additional debt incurred in your monthly payment is excluded from your qualifying ratios. The logic is that what will be saved in electric/heating costs will be more than the increased mortgage payment.
  • Logistically, your lender will require an independent certification of projected savings prior to closing, and they will hold the monies in escrow, until the work is completed and inspected. Otherwise, it is a fairly simple program that doesn’t alter your required documents or qualifications.
  • Some of the more typical uses for the money are: replacement windows and doors, increased insulation, upgraded oil burner, conversion to gas heat, central air, sun lights, small solar panels, even energy saving appliances.

Talk to your lender today about the ability to upgrade your home, while benefiting the environment, at the lowest possible interest rates. You’ll be glad you did.

— Reposted with permission of Keeping Current Matters

About The Staten Island Board of REALTORS® (SIBOR)

The Staten Island Board of REALTORS® (SIBOR) is the largest not-for-profit trade association in Staten Island, N.Y.

SIBOR exists to enhance the ability and opportunity of its members to conduct their business successfully and ethically; and to promote the preservation of the public’s right to own, transfer and use real property.

Comprised of over 1,600 members, SIBOR serves real estate agents, brokers and affiliated professionals throughout the borough and surrounding areas.

SIBOR is the provider of the Staten Island Multiple Listing Service Inc. (SIMLS), which works as a clearinghouse through which more than 250 local real estate firms exchange information on properties they have listed for sale. Together, its members participate in over 3,000 real estate transactions every year.

All SIBOR members belong to the New York State Association of REALTORS® (NYSAR) and the National Association of REALTORS® (NAR).

All SIBOR members belong to the New York State Association of REALTORS® (NYSAR) and the National Association of REALTORS® (NAR).

SIBOR may be reached at 718-928-3220 and viewed online at SIBOR may also be visited on Facebook at “Staten Island Living,” on Twitter via @SIBOR, and on YouTube at the Staten Island Board of Realtors and RelevantPR channels.

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Headquarters: 718‑682‑1509

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