Limited Income Mortgages Altered

HERS LOGOThe Energy Office has altered its home mortgages for low-income Nebraskans. Families whose incomes do not exceed 150 percent of the federal poverty level can install energy saving improvements in homes they will be purchasing without markedly increasing monthly mortgage payments.

The key change is a requirement that each home receive a Home Energy Rating System, or HERS, audit.

A second change is the Energy Office will purchase 20 percent of the mortgage if:

Household Size Maximum Income
1 $12,525
2 $16,875
3 $21,225
4 $25,575
5 $29,925
6 $34,275
7 $38,625
8 $42,975
Each Additional Member Add $ 4,350
The mortgage rate will be one percent less than the financial institution's internal rate for that type of mortgage and may include the cost of the energy conservation measures recommended by the HERS audit. The bank, savings and loan or credit union must be a participating lender in the Dollar and Energy Saving Loan Program.

Households containing a member receiving either Aid to Dependent Children or Supplemental Security Income are automatically eligible for Limited Income Mortgages.

Please contact Pete Davis in the Energy Office, email at pdavis@mail.state.ne.us, if you would like additional information on these types of mortgages.

Return to the Spring 2000 Newsletter