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Take an FHA 203K Loan To Make Energy Efficiency Improvements in Your Home

<p>Buying a home requires a fairly large financial investment and most people need to generate a mortgage to do so&period; Fortunately&comma; the FHA has a program available that will help prospective homeowners cut their house payments by making energy efficiency improvements to their home&period;<&sol;p>&NewLine;<p>The 203K loan allows home buyers to finance home energy efficiency improvements&period; Doing so lowers monthly costs because utilities can consume a large share of the cost of owning a home&period; The<br &sol;>&NewLine;types of improvements allowable under this program include&colon;<&sol;p>&NewLine;<p><img src&equals;"http&colon;&sol;&sol;tokensimprov&period;com&sol;wp-content&sol;uploads&sol;2014&sol;05&sol;HVAC-Equipment&period;jpg" alt&equals;"HVAC Equipment" class&equals;"aligncenter size-full wp-image-288" &sol;><&sol;p>&NewLine;<h2><b>HVAC Equipment<&sol;b><&sol;h2>&NewLine;<p>Heating and cooling homes constitutes about half the energy that a family uses throughout the year&period; If the existing heating and cooling system is more than 10 years old&comma; it makes sense to finance its replacement as part of the mortgage&period; Energy efficiency standards for these systems have improved greatly over the last decade&comma; and everybody wins when it takes less energy to maintain indoor comfort&period;<&sol;p>&NewLine;<p>Home buyers may also benefit by taking advantage of rebates&comma; incentives or tax credits that local utilities or jurisdictions offer for installing high efficiency systems&period;<&sol;p>&NewLine;<h2><b>Insulation<&sol;b><&sol;h2>&NewLine;<p>Not all existing homes have adequate insulation in the attic and walls&period; Folding in the cost of additional insulation in the walls and attic makes sense because insulation lowers the amount of heating and cooling the home needs&period;<&sol;p>&NewLine;<h2><b>Air Leaks<&sol;b><&sol;h2>&NewLine;<p>Air leaks are an especially common problem in homes that are older&period; Over time&comma; caulk around windows shrinks and weatherstripping wears out&period; The energy audit will show exactly where the leaks are&period; While fixing them is neither difficult nor expensive&comma; being able to fold the costs for sealants and their installation is a vital component to using 203K loans to improve energy efficiency&period;<&sol;p>&NewLine;<h2><b>Windows<&sol;b><&sol;h2>&NewLine;<p>Upgrading windows to thermal or Energy Star products can make a significant dent in the monthly utility bills&period; The glass in single pane windows has almost no ability to stop heat transfer&comma; and energy efficient windows tend to be expensive&period; They can also quiet a home from a busy street&period;<&sol;p>&NewLine;<h2><b>Appliances<&sol;b><&sol;h2>&NewLine;<p>The 203K loan program lets applicants finance appliance upgrades and choosing Energy Star clothes washers&comma; refrigerators&comma; water heaters and dishwashers will reduce ongoing energy bills&period;<&sol;p>&NewLine;<h2><b>Remodeling<&sol;b><&sol;h2>&NewLine;<p>Finishing a basement falls under the 203K guidelines and it can improve the energy efficiency of a home&period; After framing the walls&comma; adequate insulation in the walls and ceiling will keep the space warmer&period;<&sol;p>&NewLine;<p>Prospect Mortgage encourages its clients to use a 203K loan to make their homes greener because it adds instant value to the home&period; A home that is demonstrably more energy efficient tends to sell faster because it costs less to live in it and an efficient home offers more comfort&period;<&sol;p>&NewLine;<p>&nbsp&semi;<&sol;p>&NewLine;

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