If energy efficiency options are right for you, you can apply for energy efficiency financing through a conventional or government insured loan program. Some states have specific programs for their residents; contact your state's energy office for information. Energy-Efficient Mortgages (EEM) and the Energy-Efficient Mortgage Program offer a way to help us save the planet, be greener and enjoy significant cost savings. The FHA Energy Efficient Mortgage (EEM) program helps families save money on their utility bills by allowing them to finance energy efficiency improvements with their FHA-insured mortgage.
Friendly reader. Pizza maven. Passionate gamer. Avid zombie enthusiast. Avid pizza fanatic.
Below 509 (below average): If your score falls below 509, you are considered high-risk, so it may be difficult for you to obtain funding from conventional sources. Bad credit home loans are available to people looking for a mortgage but don't have a credit score high enough to be able to afford a standard mortgage application.
You must own your home outright or have a low mortgage balance. Being a full owner of your home means that you no longer have a mortgage on it.
However, to qualify, your home will have to meet very specific criteria. For example, the house must be at least 12 feet wide, a minimum of 600 square feet, and cannot be on leased land.
You can be approved for a mortgage with a part-time job or a seasonal job as your main source of income. Your lender may not require you to show 2 years of work history, but they do need to gather sufficient evidence to show that you will have a long-term income stream.