- A “Green Home” conserves energy and uses of non-toxic building materials
- The conservation of energy saves on heating and cooling costs
- The of non-toxic materials is very important for health and environmental reasons
- Energy inefficient homes increase the overall monthly costs of a home
- The use of toxic materials can damage health and actually create serious health problems like asthma, allergies, skin issues, headaches, eye irritation and dizziness
- The FHA 203k Rehabilitation mortgage allows a borrower to purchase or refinance a home while financing the costs of renovation to the property
- A home renovation can utilize non-toxic building materials such as non-VOC (volatile organic compounds) paints; sealants that contain polyether rather than urethane or silicone bases; plywood that is free of formaldehyde; and natural clay plaster for walls instead of drywall (gypsum board)
- This turns a “K” into a “Green K”, helping a borrower create a much healthier environment for the family living in the property
- The FHA 203k can significantly reduce the time required to purge the market of real estate-owned (REO) and bank-owned stock
- The REO stock move faster and the banks could sell their REOs for higher prices
- Because the condition of a typical REO property is often quite poor, an owner-occupied homebuyer won’t have the cash to fix it up
- The bank would have to drop the price drasticly to attract investors with the cash to renovate it
- But the homebuyer who uses an FHA 203k Renovation loan can pay a higher price and have the money to renovate
For more:
http://nationalmortgageprofessional.com/news25436/help-clients-go-green-fha




























