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I am having trouble w/ all the language, too - and deciphering exactly what is meant.
I did not understand that the gov is paying for those energy audits. It read to me that the audits will be provided FREE or at a LOW COST TO CONSUMER. Now, maybe I read it wrong . . .
I interpreted it to mean the Fed will fund the education and creation of this new job title.
TEXAN: you asked about being able to sell a home that doesn't meet the guidelines. I could not figure that out. My eyes are crossed up w/ reading this stuff, but I will go back later and look at it again to see if I can figure that out.
One thing I did note: If I understood correctly, FHA will not underwrite mortgages except for "green" houses. So I guess it depends on what other banks will underwrite a "non-green" mortgage.
In addition, for those in low income brackets, an increase on INCOME is going to be recognized for those applying for mortgages. So for every $1 in energy savings that the audit assigns to any given home, the applicant's income figure will increase $1. For example, let's say you make $28,000 but the house you want to buy has an audit figure of $700 energy savings annually, you get to add $700 to your salary, making it $28,700 for purposes of qualifying for the loan.
I interpreted it to mean the Fed will fund the education and creation of this new job title.
I interpreted it to mean that the cost of the audits would vary from state to state, depending on reimbursement and program guidelines that each state develops. But I could have misinterpreted that section, for sure.
anifani821, yes I saw the FHA mortgage part. So maybe FSBO's will make a comeback.
Government has no business meddling between 2 private parties doing business
That or cash purchase of home. Just make sure that home is he last you'll buy for a long long time.
Most likely, but there are caveats about public housing and how the increased cost for retrofitting cannot be passed on to those folks. So if you are living in public housing, you will get lots of new stuff and no increase on your rent. Not necessarily true for everyone else.
If that's the case and section 8 is included that might have some unintended consequences. A landlord is not going to invest all that money and still move low income families into those homes.
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