The HFA Green Mortgage is the new Black

Believe it or not, the HFA Green Mortgage has been around since 2009. What is a Green Mortgage? It is a mortgage designed to reward homebuyers for choosing a more energy efficient home, for investing in a healthier home environment and for contributing to a greener community.

The long-term benefits of Green, efficient homes include:

1. Lower overall utility consumption including water and electrical

2. Lower waste production

3. Greater tie-back contributions to the local electric grid

4. Production of a smaller carbon footprint in the community

5. Lower incidence of chronic respiratory and dermatology flair ups

6. Generational transfer of environmentally smarter choices in housing

Since the homeowner will incur lower utility bills, the long-term savings translate into a more affordable and more livable home.

The HFA Green Mortgage is sweet and simple. The HFA Green Mortgage will be a 0% deferred second mortgage for the term of the first mortgage. The principal amount of the HFA Green Mortgage becomes fully amortized over 15 years in equal payments.

The HFA Green Mortgage may be combined with other down-payment assistance programs. Note, it is only available in Miami-Dade County. Loan amount cannot exceed 15% of the purchase price or appraised value. The home must be certified as Green.

Closing costs must be reasonable and customary, no junk fees will be permitted. The HFA will request a copy of the HUD1 statement listing all costs, prior to closing for review. Title insurance will be required for this mortgage as evidenced by a Title Policy. The combined loan to value ratio (“CLTV”) of all mortgages including closing costs assistance shall not exceed one hundred-five percent (105%) of the purchase price.

The History of Green Homes in Miami

The HFA financed the purchase of the first affordable, single family “Green Home” in Miami-Dade County. The home is LEED Silver Certified. LEED stands for Leadership in Energy Environmental and Design. LEED certified homes meet established standards for efficient use of water, energy and materials. LEED homes are efficient and healthy.

For more information visit us at hfamiami.com/resources. You will be glad you did.