Rojelio comes with a wide range of qualifications: licensed real estate agent, California Mortgage Loan Originator, City of Los Angeles Power Generation Steam and Turbine Engineer, Certified Refrigeration EPA 608 Universal, Registered home improvement salesperson, AND designated ADU specialist.
Rojelio disects the little known FHA mortgage, EEM. EEM stands for Energy Efficient Mortgage.
EEM was developed by HUD in the 1980s as a part of FHA loans. It has some unique components that makes it attractive such as it allows 5% over the appraised value and 6% additional allowance for DTI (Debt to Income) ratio, which gives consumers more power to purchase and do the energy efficiency upgrade. Application process is the same as any other home loans except the property needs to be inspected by HERS rater (home energy rating system) before and after. As it is a FHA loan, the down payment required is 3%, besides the FICO score required to get best rate is only 660. The interest rate may be a quarter point higher, however, considering the savings on energy bills, the homeowners will benefit much more in a long run because homeowners in a “leaky homes” are spending a lot of money on the wasted energy.
Unfortunately, EEM is very little known in the industry; however, Rojelio believes that the demand for EEM will certainly keep increasing. In fact, he’s on the crusade to educate the homeowners and home buyers so that they can take advantage and make their homes more energy efficient.
“I truly believe in the power of Energy Efficient Mortgage. We all live in this world and have a shared responsibility to make sure that we start to turn the tide of climate change.”
You can reach Rojelio at 562-263-9950, or Instagram @vvelcome