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As you probably have noticed there are a ton of acronyms in the mortgage industry. I guess it just makes it easier for the average not-so-smart loan officer to remember every new program that comes out. Anyways.. What EEM stands for is Energy Efficient Mortgage. You maybe asking yourself what is a Energy Efficient Mortgage?

Ill tell you.

An EEM (or Energy Efficient Mortgage) is a program sponsored by the government that can be added on to any other government insured loan such as a traditional 30 year fixed. What happens is you can receive up to an extra $8,000 on your original loan for things such as replacing that old furnace you noticed in the basement for a brand new energy efficient furnace, new windows, etc. etc…

So whether your looking to go green with the purchase of your next home, want to refinance and get some energy efficient appliances, or just want some new stuff.. let us know over here at Ford Financial we’ll be glad to help!

“The Byrdman”

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As most of you know from previous posts, FHA loans (loans that are insured by the government), only requires 3% money down on the purchase of a new home. Most of you might be saying WOW THATS FANTASTIC, others, not so much. Still, it is exciting in the mortgage industry because there are non-profit organizations such as Nehemia and Ameridream that gift up to 6-10% of the purchase price to cover things like closing costs, the FANTASTIC 3% down payment, and if there is still money to be gifted it could be used for repairs.

call us today for more information!

There is a new term out there that many of you probably don’t know about, and its called EEM – Energy Efficient Mortgage. Thats whats next on the blog.. check back for more.