What is an EEM (Energy Efficient Mortgage)?
An EEM is a loan up to $6,000 made in conjunction with a VA purchase loan for an existing dwelling, or a refinance loan to add energy efficient improvements.
Who is eligible?
Any borrower using the VA loan program.
What type of home improvements can be made with an EEM?
How does it work?
EEM funds are held in escrow and dispersed after closing once all energy efficient improvements are completed. Funds will be dispersed directly to the contractor or to the buyer if the improvements were paid for by the buyer up front.