Refinancing to Pay for Renovations? Consider the VA’s Energy Efficient Mortgage Program

Making renovations that are energy efficient is not just a great way to reduce energy output, but it’s also an effective way of decreasing monthly utility costs. It serves as a one-time investment that will save money in the long run.

However, renovations are costly and not everybody has the extra finances required to make energy efficient changes. This is where the VA’s energy efficient mortgage (or EEM) program comes into play.

The program is designed to allow veterans to apply for a new mortgage or refinance an existing one with extra funds to renovate the home to be up to energy efficient standards.

The Three Tiers Under The VA’s Energy Efficient Mortgage Program

The VA has three tiers for the cost of renovations to be done under the EEM program. The lowest, and easiest to be accepted for, is for improvements that will total under $3,000. A list of costs or a contractor’s quote may be required in the application process.

The second tier is for renovations that will cost between $3,001 and $6,000. This will require the homeowner or homebuyer to get a Home Energy Rating System report to detail how efficient a home is currently and what can be done to decrease its HERS rating.

The final tier is for any improvements to the home that will cost over $6,000. This is the most difficult tier to receive acceptance for as both the Department of Veterans Affairs and the private lender will need to approve the renovations.

Types Of Improvements Under The EEM Program

The program covers a variety of renovations for the home. These include: new insulation to walls, floors and ceilings, solar powered heating and cooling systems, thermal doors, thermal windows and new caulking and weather stripping.

There are also items that will not be covered by the program, including new roofing, vinyl siding and air conditioning units.

Using The EEM Program To Receive A Larger Loan

Any veteran or currently active military member looking to buy a brand new home can still benefit greatly from the energy efficient mortgage program. If a new home undergoes a HERS report and passes as being energy efficient, this can be applied to a VA mortgage to receive as much as $6,000 extra on the loan.

Speak with your local mortgage professional to go into more detail on the intricacies of refinancing under the EEM program and whether or not your home will qualify.  If you need mortgage professional, give me a call – 602-320-4253.

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13588 W Boca Raton Road Surprise, AZ 85379

$545,000

5 Beds

3 Baths

3,042 SqFt

Status Active

MLS # 6777249

Property Type Single Family Residence

Price Type --

Spacious 5 bed, 3 full bath home on premium lot! large 3 car garage with epoxy flooring and cabinets with work bench. New quartz counter tops and backsplash. Backyard has nice grass area, huge covered patio, and gated play pool. Outdoor kitchen has grill and sink. Guest bedroom downstairs. Master and 3 other beds upstairs with loft area. Low HOA neighborhood close to schools and walking distance to shopping.

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3532 W Warren Lane Anthem, AZ 85086

$545,000

4 Beds

2.5 Baths

2,140 SqFt

Status Active

MLS # 6775960

Property Type Single Family Residence

Price Type --

Beautiful private home in the sought after Del Webb community. New in 2022: A/C, first level luxury vinyl flooring, new carpet on second level, fresh paint throughout, fireplace in family room, granite counters, white cabinets. Oasis backyard has a pebble tech pool with beach entry, desert front & plus synthetic grass rear. Very private yard siding only single story homes and backing one of the largest lots in Anthem. Enjoy all the resort features of this major master planned subdivision. Easy I-17 access.

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19550 N Grayhawk Drive Unit 2055 Scottsdale, AZ 85255

$545,000

2 Beds

2 Baths

1,311 SqFt

Status Active

MLS # 6780489

Property Type Apartment

Price Type --

Situated within the guard gated Talon Retreat in Grayhawk, this recently updated 2-bedroom, 2-bathroom end unit condo offers an open great room floor plan with McDowell Mountain views from every window. The kitchen has stainless steel GE appliances, granite countertops, subway tile backsplash and wood flooring. The primary and guest bathrooms have also been thoughtfully upgraded, adding to the modern charm of this home. Step out onto one of two balconies and take in the morning sun and beautiful mountain views. An attached garage has direct access inside the unit offering convenience and comfort. Upgrades in the last 5 years include interior paint and countertops throughout, new kitchen appliances, new washer and dryer, new window coverings, new fireplace surround, new wood look tile floors in kitchen, laundry room and bathrooms, new carpet, new baseboards throughout, new plumbing fixtures and lighting fixtures, new water heater, Nest thermostat and NAC water conditioning system. Just steps away from this unit is Cachet's community pool, spa and clubhouse, which includes a fitness room. Enjoy access to Grayhawk's additional amenities including tennis courts, walking paths, Grayhawk Park, and two world class golf courses. The Grayhawk community is located in the heart of North Scottsdale within minutes of the 101 Freeway and endless shopping and dining destinations.

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2510 E Fountain Street Mesa, AZ 85213

New

$545,000

3 Beds

2 Baths

1,855 SqFt

Status Active

MLS # 6783211

Property Type Single Family Residence

Price Type --

Beautifully remodeled home w/ no HOA & the added bonus of energy-efficient solar panels, offering both comfort and cost savings. Nestled in a quiet neighborhood on a large lot, it boasts a detached shop w/AC, an extended covered patio, new watering system, & freshly seeded for winter grass. Inside, you'll find an inviting open floor plan adorned with a tastefully renovated interior. The kitchen & bathrooms feature quartz countertops, Bedrosian tile & flooring, custom cabinets & vanities, & designer hardware & fixtures. Enjoy the charming white washed brick fireplace & additional room for a huge pantry, homework room or extra storage space. With easy freeway access & proximity to shopping, dining, & entertainment, this home exudes a lifestyle of convenience & relaxation

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