Appraisers Making Headway in Recognizing Value of Green Home Features

The continuing effort to provide recognition for the added value of energy-saving and other green features in homes will take another step forward around mid-summer when the Appraisal Institute is expected to add a green and energy addendum to its appraisal report form.  READ More…

“Ask 10 appraisers and only one has ever seen a HERS report,”

Tip of the Week: 70% of all homes were built prior to 1980

Solar Financing is in High Demand

At GoGreen Lending we are receiving several calls a week for solar financing for home owners.  The requests range from $20,000 to $45,000 which covers most solar systems.  The current solar sales people are limited in affordable financing through their traditional solar lenders.  Go Green Lending offers home owners and solar companies another solution to help finance these projects.  We use a Project Financing Request Form and give solar contractors an answer in less than 48 hours if the project will qualify for secured financing.  These loans are below 5% and fixed for 30 years.  With financing like that, it’s a much more cost effective choice for their clients.  Contact our office to find out how you can increase your contracting business with our fast project qualifying system.

Power Saver Approves 18 Lenders throughout the Nation

Power Saver is a Pilot program recently rolled out by H.U.D. allowing selected lenders to provide financing for energy efficiency upgrades for homeowners.  This new EEM is a second loan and is secured by real estate.  The loan to value (you need equity!) may not exceed 100% of home value based on appraisal when including this loan and the existing loans.  The maximum loan amount is $25,000.  Because the program is new to the lending market, no lender has the program available at this time.  They must first create the respective compliance loan documents, train their staff and determine the interest rates and fees.  At this time FNMA is going to be the primary purchaser of these loans and is looking at rates between 6-7%.  However; that rate is at PAR, meaning no lender makes any money.  You can almost be assured the rates will be higher than the FNMA pricing by the time it gets to the consumer.  GoGreen Lending is one of the best resources for the availability and loan terms of the Power Saver.  Feel free to e-mail our office to help answer any questions.

Tip of the Week: Termite Report Included!

Real Estate Agent gives home buyer a $250 rebate for Energy Audit

Sue Zaitz of Re/Max College Park helped her buyer receive a $250 rebate through the C.A.R.  energy audit rebate program called R.E.A.P.

Contact GoGreen Lending to receive the details and how to help a Realtor promote HERS audits and EEM financing for their home buyers.

Homeowner uses 203k streamline and EEM Combo at Go Green Lending

A homeowner in San Diego needed funds to finish a master bedroom remodel and receive rebates from the San Diego Energy Upgrade California utility rebate program. Christian Asdal of Get-Green Remodeling and President of the San Diego Efficiency First Performance contractor trade association is the contractor for the project and EUC rebates.

The 203k streamline and EEM GoGreen Lending Hybrid loan program provides cosmetic and energy upgrades for homeowners and home buyers.  This financing in San Diego is funding $36,500 to complete their project.

Tip of the Week: You can use the GoGreen Lending Hybrid Loan program to purchase property in its As-Is condition!

Home Buyer receives $16,000 with EEM for Energy Efficiency Upgrades

Our home buyer wanted new windows for the home he was purchasing.  This home was an REO and was rehabbed by an investor.  They did a nice job on the cosmetic upgrades but, did nothing for energy efficiency.  We approved an EEM which finances 100% of cost effective improvements and the borrower is going to receive, new Energy Star HVAC, JELD-WEN windows, insulation in attic and walls, air sealing, wrap of hot water piping and $1,000 in utility rebates.  Wes Harding of Harding Construction was awarded the construction job and John Shipman of Energy Efficiency Management was the HERS Rater.

Energy Efficiency Mortgage: $16,000 100% financed!

At GoGreen Lending we specialize in Energy Efficiency Mortgages EEM’s and 203ks rehab loans for cosmetic and green upgrades for home owners and home buyers.  We recently completed a HERS audit using the CalCerts Energy Pro software and generated just over $16,000 in cost effective energy efficiency upgrades on a 900 square foot home in Long Beach.

SOLAR PV BOOST HOME RESALE VALUE

Lawrence Berkeley National Laboratory released a large-scale study into the re-sale value of homes with a solar PV system as reported in SF Gate.

"The researchers analyzed the sales of about 2,000 solar homes in California from 2000 through mid-2009 and compared the prices to those of 70,000 comparable houses without solar. On average, a solar system added about $5.50 per watt to a home's resale value. For a home with a typical 3.1-kilowatt solar system, that represents an extra $17,000 above the cost of a comparable, nonsolar home.

During the same period, the study found that a typical residential solar system cost about $5 per watt."

The increase in value was more obvious with existing homes, the study showed. The cause of the increase likely has multiple elements, such as the owner asking more for the home, or even the profile of the buyer drawn to the home with solar pv. Read more