FHA and DOE Partnership will Provide Flexible Underwriting that Considers Home Energy Costs

The Federal Housing Administration (FHA) recently announced its new partnership with the U.S. Department of Energy (DOE) to help borrowers using FHA's Energy Efficient Home program to take advantage of energy cost savings when measured by DOE's Home Energy Score.

The Home Energy Score is described as a low-cost, reliable method for estimating the energy use of a home on a scale of 1 (lowest rating) to 10.

Homebuyers or homeowners who want to obtain an FHA-insured purchase or refinance a mortgage for a single family home that receives a Home Energy Score of 6 or higher will be eligible to increase their income-qualifying ratio by 2 percentage points above the standard single-family FHA limit.

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Date Posted: 9/24/2015