Energy-efficiency mortgage products are relatively in the financing and conservation world. It is not easy to develop new mortgage products, since they generally have to conform to new FannieMae or FreddieMac underwriting guidelines to be eligible for sale on the secondary mortgage market. Without having special programs like these approved for Fannie/Freddie underwriting, the number of lenders willing to create such loans would be ridiculously small.
These loans have been available for a few years, but are becoming more common. For a property that has energy savings built-in (replacement windows, extra insulation, solar or geothermal systems, etc.), an energy assessor will determine the amount of savings created by the improvements, which allows the borrower to take a larger loan (since the extra money isn't needed for utility bills). It may also be possible to take a larger loan for a property that needs the improvements, giving the borrower extra funds to improve the property.
A better description of this type of loan can be found on the blog of an Envoy Mortgage loan officer, who is specializing in loans tailored for energy efficient properties.
Friday, October 5, 2012
Go to this new page to see a map of the White Flint Sector along with the new developments that have been applied for or are under construction. Clicking on a project gives you the approval process status as well as the size of the project. It will not give you the Application Number that you need to find more information about a specific project on the Montgomery County Planning site. You can click on the Locator Wizard from the planning site to find the project and obtain its Application Number, but it's cumbersome. Hopefully, the creator of the new map page will add application numbers in the future.