Residential financing sees a lift in some states
Posted on Tuesday, October 23, 2012 at 8:40:49 AM
Around the country, home ownership is becoming a reality for more Americans, as the cost of new homes declines and the ability to obtain residential financing increases. Some sources are saying that even those in existing mortgages are taking advantage of these opportunities to boost equity and make their homes more valuable.
In California, Connecticut and Florida, green energy initiatives are helping some prospective homeowners get easier access to residential financing, Forbes reported. In conjunction with the property assessed clean energy (PACE) program, those who qualify can receive better rates on energy-efficient and environmentally friendly homes, either with buying existing structures or building them from the ground up.
Those in existing homes can also benefit from these programs, as residential financing options can help them invest in their own homes and add equity to their holdings. The PACE program does offer funding for those qualified projects as well.
This is a good sign for refinancing homeowners, as the Boston Herald stated. The source said there has been a dramatic increase in the number of interested parties for this service, with the Federal Reserve reporting the highest value of home equity in the country since 2008.