Thanks to a new federal rule requiring newly built homes to meet higher energy efficiency standards to qualify for federal loans, Noah, the smiling paralegal from Atlanta, can’t afford the home he wants to buy. Neither can Keith, the bearded West Virginia schoolteacher whose dream house is now appraised at an eye-poppingly higher value because of the regulation. Nor can the LaMontes, charming-looking newlyweds “trying to start a new family in Columbus, Ohio.
But federal researchers say those costs are spread out over the course of the mortgage on a home that’s less drafty and therefore commands a higher value. Either way, with Americans’ utility spending“It’s painful for Mr. and Mrs. South Dakota Builder, but it’s going to result in better South Dakota homes,” said Robin LeBaron, president of Pearl Certification, a company that validates energy savings from renovations in homes.
But LBA spokesperson Ken Gear said a “critical point that HUD acknowledged but seemingly ignored is that this will increase down-payment requirements for buyers because energy-efficient upgrades generally are not accounted for in home appraisals.” for the Federal Housing Finance Agency to adopt the latest building codes in its much larger financing programs for home mortgages.
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