Save by Going Green

The real estate market has slowed in the Okanagan and many are asking what can be done to find more buyers.

Government has come up with a program that encourages home sellers to improve the energy efficiency of their homes with rebates and at the same time give a rebate on CMHC fees to the purchaser of the home.

For more details on how this program works here is details from Kelly Wolfe Mortgage Broker from Lending Max ...

If you are buying a home and obtaining High Ratio financing (80%LTV or higher) paying a Mortgage Insurance premium (to CMHC for example), there is a very good chance you may be eligible for a 10% premium refund from CMHC. The refund is eligible on homes secured by Energy Efficient properties as follows:

All New and existing properties must meet one of the following criteria

Be R-2000 compliant
Certified under a CMHC eligible Energy Efficient new home builder
Rate 80 or higher on a Natural Resources (NRCan) energy assessment

The lender/Broker is to be advised at the time of the mortgage application whether or not the home is in fact Energy Efficient. This can be done by providing your client with a copy of the R-2000 certificate, if a new home, a signed Declaration by the Energy Efficient Builder, or the first page of the NRCan energy assessment evaluation done in advance of the application.

Scenario: I recently did a high ratio mortgage for clients purchasing a home. Turns out they did an NRCan assessment on their own prior to removing financing subjects as they were concerned about Utility Bills. As a result, the Energy Efficient rating was 80 which met the minimum requirement for CMHC. We completed the forms together after the mortgage closed and the client received a cheque back from CMHC for $1450.00 within 5 weeks of submitting the forms.

Kelly Wolfe, AMP / Mortgage Broker, LendingMax
Office: 250-860-2426 x 1309

What a great idea, create green jobs, save money on CMHC fees and save the environment all at the same time.

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