Winter Haven, Florida homebuyers are facing tougher financial times today than ever before. Often, it’s tough enough sorting through basic financing issues concerning your home purchase. Factor in concerns about keeping a “green home” in the picture – whether it be for ethical “save the planet” reasons or simply to keep more of your money from heading to the utility companies – and it seems nearly impossible to accomplish.
Well, for those homebuyers here in Winter Haven looking to purchase foreclosed homes or homes that fall into the REO or bank owned category, but are reluctant to do so given the poor condition most of these home are in – the 203(k) Rehab Loan program may just be your answer!
I’ve written past articles about the FHA 203(k) mortgage program. Now, let’s take a look at some of the cost saving opportunities this loan program has to offer.
- Go Green with Your Appliances – One of the easiest ways to save energy in your home is to use energy efficient appliances. In fact, using ENERGY STAR compliant appliances may save you northwards of 25% on your monthly energy bills!Since FHA 203K loans provide funds for free standing appliances for your home, you should definitely consider using EPA recommended ENERGY STAR appliances! Hey – what’s better than swanky new stainless steel appliances that not only look GREAT… but save you a bundle in monthly energy costs?
- Consider NOT Going with the Flow – Winter Haven, Floria – and the rest of the state, for that matter – has been under severe water shortage warnings for some time now. While some Florida water-wasting residents clearly have little problem using huge amounts of this precious and life-sustaining resource, you should definitely consider conservation methods for your home that will both help the environment and save you some cash.FHA 203(k) rehab loans allow you to finance brand tank-less water heaters and low flow toilets. Tank-less water heaters provide near instant hot water, and low flow toilets use less than half the water that older models.
- Localize Your Greenery - It’s easier than you think to create an environmentally friendly outdoor area that maintains its good looks with minimal watering.As you plan out your landscaping needs, consider choosing local plants that are used to sustaining themselves with less water than say, plants more accustomed to wetter regions. Also consider plants that require little to no pruning – as trimmed debris creates waste and fills landfills unnecessarily. If you are planning to install an irrigation system, consider choose one with a “smart” component that gauges rainfall to determine watering needs.
- Insulate… Then Insulate Some More – The obvious choice for a green home, insulating your home better can help you save thousands on energy bills. To goal here is to limit the speed at which heat leaves your home during winter and enters your home during the summer. Doing so will dramatically decrease the energy required to create a comfortable, climate-controlled environment in your home.A great option for “retro-insulating” an older home is to use blown insulation in between conventional stud walls. This option will greatly improve your comfort and save enough energy to be very cost-effective. Consider also the advantage of improving the insulation in your attic as well. In almost all cases – where insulation is involved… more is better!
- Choosing Green Building Materials – A key aspect of any green FHA 203K renovation is the selection of environmentally friendly building materials. To reduce transport pollution and energy costs go local first. The second thing to look for is recyclable materials such as Glass, Terrazzo, Ceramic and Porcelain.
- Shore Up or Replace Drafty Doors and Windows – Drafty doors and windows may not be the largest contributors to heating and cooling costs in your home – normally accounting for about 20 percent. However, if you’re going to be replacing these any way, consider upgrading to Energy Star compliant versions. On average, you’ll only be paying $15-$20 more per window and only a little more for your doors.
- Make Use of the Florida Sun with Solar Panels - OK – this might be a stretch for some, but it’s no secret that solar is one of the easiest ways to dramatically cut monthly energy bills. And the Department of Housing and Urban Development loves these as well! In fact, the good folks at HUD are so very much behind you installing solar panels that they will allow you to exceed normal FHA 203(k) loan limits to do so. In many cases the Federal, State and Utility company tax credits will pay for a good portion of the purchase and installment of solar panels. The rest can be financed through your home loan.
There are hundreds of alternative routes to green your house, save yourself hundreds in monthly energy costs, boost your resale price and do your part to lighten the load on the planet.
If you’re considering buying a foreclosed or bank owned home here in Winter Haven, the FHA 203(k) Rehab Loan program may just be what the doctor ordered for dramatically lower monthly energy bills, instant home equity, and increased home marketability down the line!
Interested an FHA 203(k) Rehab Loan? Call me at 863-604-3019 or apply online, and we’ll get you set up!
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Kevin Sandridge
The Florida Mortgage Pro
Signature Home Funding
410 Laurel Cove Way
Winter Haven, FL 33884 |
Mobile: 863-604-3019
Fax: 888-496-0265
Email: kevin.s@sigfunding.com
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- Buy and Fix Up Winter Haven Homes with 203(k) Rehab Loans (myfhamortgageblog.com)
- Room for Debate: How Green Is My House (roomfordebate.blogs.nytimes.com)
- Green buildings: Quick facts (cnn.com)
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I hope you found this post useful! As always, if you or anyone you know is in need of a local Florida mortgage loan originator, I’m your guy. Call me at 888-859-7418 or apply online for your Florida mortgage. We’ll keep you posted and let you know when it’s time to pull the trigger!
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