Green Mortgages Washington DC

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Department Of Veterans Affairs
(202) 273-7390
810 Vermont Ave Nw - 264
Washington, DC
 
Hud-credit Alert
(202) 708-2700
451 7Th Street Sw Room 9270
Washington, DC
 
Maryland District of Columbia Credit Union Association
(800) 492-4206
401 C Street NE First Floor
Washington, DC
 
Love Funding Corporation
(202) 887-8475
1250 Connecticut Ave Nw Ste 55
Washington, DC
 
Empire Equity Group Inc
(202) 829-2274
1210 Pennsylvania Ave Se
Washington, DC
 
D C Housing Finance Agency
(202) 777-1633
815 Florida Avenue Nw
Washington, DC
 
National Cooperative Bank
(202) 336-7700
1725 Eye St Nw Ste 600
Washington, DC
 
Veterans Adm Regional Office
(202) 275-1318
1120 Vermont Ave Nw
Washington, DC
 
Maverick Residential Mortgage Inc
(202) 397-4444
1231 Florida Ave Ne Ste 101
Washington, DC
 
Hud-credit Alert Alternate
(202) 755-7500
451 7Th St Sw - Room 3119P
Washington, DC
 

Green Mortgages Offer New Growth

If you could save up to $200 a month in energy bills for 30 years, would you be willing to borrow an extra $5,000 for a home loan upfront? Probably yes.

That’s the power of energy-efficient mortgages, or “green” mortgages. Now, legislators, lenders, brokers and consumers are pushing for their wider use. Advocates say green mortgages can help solve several of the nation’s broader problems, including the energy crisis, the mortgage implosion and the slowing economy. 

“These programs can offer significant solutions,” said Norm Ferrier, owner of Security Mortgage Corporation, which specializes in green loans, “because homeowners are desperately seeking ways to lower their energy costs.”

Installing energy efficient windows
Green mortgages save money and energy over time by improving energy-efficiency Green mortgages allow home buyers to add as much as an additional 15 percent of the sale price into the loan, for upgrades such as energy-efficient windows, water heaters, or solar panels. The savings in energy bills offset the higher monthly mortgage payments and create more savings in the long run.

Since the 1970s, major lenders backed by Fannie, Freddie, and the VA, have financed green mortgages, which are currently promoted under the Energy Star program. But these products languished during years of cheap oil and easy, sub-prime loans. Lenders and brokers avoided green loans because they took longer to close, but yielded no extra profits.

Now, as the energy crunch and mortgage crises converge, lawmakers and lenders regard green mortgages as a solution to both. Residential and commercial investors also see new opportunities in green loans. “We are an emerging market at a time when the traditional market has imploded,” said Jeffrey Cole, founder of myenergyloan.com. “The secondary market is embracing green mortgages.”

Legislators are rushing to support green mortgages. The Housing and Economic Recovery Act of 2008, signed by President Bush last month, includes a provision to streamline and promote green mortgages. The bill authorizes federal agencies to identify obstacles to existing products, recommend changes and educate the public.

Another federal bill would provide incentives to lenders offering lower interest rates on green residential and commercial mortgages. The Green Resources for Energy Efficient Neighborhoods Act, introduced by U.S. Rep Ed Perlmutter (CO-07), passed the House Financial Services Committee in June and now awaits a House hearing.

A sign of green appeal across industries, the bill was broadly supported by 30 national organizations, including lenders, real estate agents, developers, housing groups, environmentalists and scientists. “We are at a crossroads with our housing markets and our energy consumption,” said Leslie Oliver, communications and policy director for Rep. Perlmutter. “There was incentive and buy-in from organizations across th...

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