Many lenders are offering discounts to anyone who is using a loan to build environmentally-friendly buildings and homes. However, in some cases, loans take into consideration that your bills will be lower. Thus, they approve you for more money. Be sure to stick to what you know you want to pay and can afford so that you also benefit from being environmentally friendly right away with lower bills.
Green Mortgage Programs
Some of these programs, like Bank of America’s Green Mortgage Program, offer buyers a credit of up to 1,000 dollars or a choice of an interest rate reduction if the dwelling meets all Energy Star requirements.
Fannie Mae and The Federal Housing Administration also offer reductions for buyers who want to purchase energy-efficient homes. They must have a down payment of 3 percent, spend 5 percent of the price, or up to 8000 dollars for the appliances.
Your state may also have some programs in place for getting green mortgages. Be sure to talk to your mortgage broker about wanting an eco-friendly loan, and they can help you get what you want.
Eco-Friendly Business Programs
A green business’s point of existing is to try to create something that uses net-zero carbon energy or even has a positive effect on the environment. You can find banks and credit unions that will loan money to you at a lower rate with various perks if you are starting a business classified as eco-friendly.