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Easier Access to Energy-Efficient Home Mortgages

February 25, 2001|From Inman News Features

The California Housing Finance Agency (CHFA), which provides low-interest mortgage loans to first-time low- and moderate-income home buyers, has streamlined its application process for the CHFA/FHA Energy Efficient Mortgage Program.

The program allows home buyers to finance the cost of adding energy-efficiency features to their home as part of an FHA-insured mortgage. Energy-efficiency features help home buyers save money on utility bills.

"A number of home improvements can make a significant impact on the amount of electricity used in California," said Clark Wallace, chairman of CHFA's board of directors.

"Unfortunately, many low- and moderate-income first-time buyers are unaware of the low-cost resources available that would allow them to make these types of improvements at the time when they purchase their homes," he said.

"This program gives CHFA borrowers the ability to reduce their overall energy consumption and substantially lower their monthly utility bills, while taking advantage of a lower interest rate mortgage loan," Wallace said.

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