Rates are up today. Today’s comparison mortgage rates with no lender fees are 4.25% on a 30 year, 3.5 % on a 15 year and 2.875% on a 5/1 ARM. (click here for details).


The Wall Street Journal is reporting that President Obama will announce significant changes to the HARP program today. The rumor is there will be significant changes to the appraisal, LTV, and underwriting guidelines. Stay tuned here for your HARP 2.0 updates.

It seems like everyone wants to go green these days. I bed you didn’t know that Fannie Mae wants to help you make your home more energy efficient.

I help you go green in today’s episode:

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(Watch it on your mobile phone or email reader here)


For more information on the Fannie Mae Energy Improvement Feature, click here.

So, who’s eligible for the Fannie Mae Energy Improvement Feature? Well, all transactions and products are permitted except HARP loans and cash-out refinances.

The loan to value ratio has to equal the lesser of the “as completed” appraised value or the sum of purchase price plus the cost of the energy improvements.

Unfortunately, only one-unit properties are eligible. That means no manufactured homes or co-op properties, but there is no restriction on occupancy. If you are buying a single family investment property you can still qualify.

Now that you know what’s eligible, it’s time to get down to the requirements. The Energy Improvement Feature is limited to 10% of the “as completed” value, and there’s no minimum dollar amount.

You’ll also need a Home Energy Rating Systems (HERS) report, and the improvements you make must be cost effective.

Do you consider yourself a handy man and you want to do all the improvements yourself? Well, you can’t if you want to use this feature; you need a contractor for all upgrades.

One last thing, you must be given a $250 credit towards costs from your lender or Fannie at closing.

There you have it! If you want to go green and save some green you may want to look into Fannie’s Energy Improvement feature.

If you thought this was helpful, I would love to have you help bring transparency to mortgage lending by sharing today’s episode on Facebook or Twitter.

Let’s change the way people shop for a mortgageā€¦forever!

– Mike

PS. To ask a question, get advice, or find out if you’re getting the best deal possible on your loan, just post a comment below. Daily comparison rates, calculators, and other cool features are available in the free Rates in Motion LoanApp by going to your smart phone and clicking on this link, activation code is 9203780002

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