Green homeconstructionfor both single-family and multifamily housing units had increased significantly this year. A recent researchconducted by the National Association of Home builders (NAHB) shows that more than 60 percent of the overall construction activity in the country involves the creation of green buildings.
The NAHB also predicted that in half a decade’s time this number will significantly tick up to around one-half of the building construction in the United States.
NAHB cited that this upward trend in creating more green homes had been observed since 2006, as seen in their studies. The findings had been consistent up to their recent research. There had been a slight increase in the number of single-family green homes from 2015. A third, or 33 percent of the single-family home constructions, are green homes.
Contrary to the modest growth of single-family green buildings, the multifamily sector was growing more rapidly. According to the NAHB study, 60 percent of the recent constructions were green projects.
In addition, there had been a steady rise in the development of net-zero homes and the plan to construct net-zero buildings in the near future. In the past two years, 28 percent of housing construction was net zero homes. And in the next two years, it is expected to increase by 44 percent.
Net zero homesare buildings constructed and designed in such a way that the annual energy consumption roughly equals the amount of renewable energy created on the structure.
The Growth of Green Mortgages
More and More Americans are becoming more mindful of the carbon footprint they leave to the environment. The move to reduce this footprint had reached the doorstep of many modern American families.
To address the rising demand for green homes, green mortgages were created.
A green mortgage is a home financing program that is funded or backed a commercial or government agency. It aims to make homes more energy efficient.
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Saving The Earth and Saving Your Money Thru EEM Loan
One loan program that can be used to purchase a green home or refinancean existing mortgage and make energy-efficient changes is the EEM Loan.
The Energy Efficient Mortgageor the EEM allows you to make necessary, cost-effective energy-saving renovations to your property. Aside from its positive impact on the environment, lower energy consumption will also significantly reduce the utility costs.
If homeowners are able to save a lot from utilities, there will be more money to better afford their mortgage payments per month.
The Federal Housing Administration or the FHA believes that by allowing these certain changes, families will have a more residual income to pay off their debts and save for the future.
The FHA backs the EEM program. The lender who chooses to make this loan for a borrower is ensured by the FHA.
In order to determine what kind of energy efficient improvements can be done in a borrower’s property, it will have to undergo a home energy assessment. This assessment will also help in determining the cost-effectiveness of these planned changes.
A trained and certified professional will conduct the assessment who can be an energy rater, an auditor or an assessor.
To learn more about how to finance your energy-efficient home improvements or how to purchase a green home, you may talk to a FHA-approved lender. You may also find more related information from mortgage.info.
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