HomeStyle Energy Mortgage
An efficient, healthy home is within reach
Energy-efficiency upgrades to an older or newly purchased home are about more than just lowering utility bills. They’re also about keeping your family healthy. Now, thanks to the HomeStyle® Energy mortgage, you don’t have to choose between a healthy home and your budget.
Why choose HomeStyle Energy?
What improvements are covered by the HomeStyle Energy mortgage?
Buying a home with HomeStyle Energy
When you're buying a home, HomeStyle Energy allows you to use up to 15% of the “as completed” value of the property (that's the appraised value of the home once the upgrades are completed) for new energy improvements. (Learn more about the benefits of an energy-efficient home here.)
For example, an eligible buyer with a home valued at $100,000 after upgrades can receive up to $15,000 (15%) from the mortgage transaction. Improvements above $3,500 may require a Home Energy Reporting System (HERS), Department of Energy (DOE), or comparable report to ensure that the right improvements—the ones that will make a difference for your home—are the ones being made.
Refinancing a home with HomeStyle Energy
Homeowners who want to make energy-saving improvements or who’ve previously made those types of updates may qualify for a limited cash-out refinance, for up to 15% of the home’s value. This means you would refinance your current home loan into a new mortgage to access the equity in your home. The equity amount would then be used to pay for new energy improvements or to pay off other energy improvement-related debt.
Want to find out more? Ask your lender about HomeStyle Energy today.
Energy-efficient homes are healthier homes
The same improvements that stop your house from wasting energy also put a halt on drafts, mold, mildew, and allergens that creep in from the outside. They can help your family breathe easy, rest easy, and feel good. Read more about energy efficiency and health.