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EEM Calculator is used to determine the maximum amount of the energy package that can be added to the base loan amount for an Energy Efficient Mortgage (EEM). The maximum financeable energy package amount is the lesser of:
| - | the Adjusted Value (see below), |
| - | 115 percent of the median area price of a single family home, or |
| - | 150 percent of the national conforming mortgage limit. |
If the case was not processed through Insurance Application or the mortgage was assigned an FHA case number before September 14, 2015, the Adjusted Value must be provided for EEM Calculator. The Adjusted Value is determined as follows:
| • | Purchase case: Adjusted Value is the lesser of the (a) Sales Price less Inducements to Purchase plus Borrower Paid Appraiser Required Repairs or (b) Appraised Value. |
| • | Refinance case; property acquired by the borrower within 12 months of Case Number Assignment date: Adjusted Value is the lesser of the (a) original Sales Price plus any documented improvements made subsequent to the purchase or (b) Appraised Value. |
| • | Refinance case; property acquired by the borrower within 12 months of Case Number Assignment date by inheritance or through a family member's gift: Same calculation used for properties purchased 12 months or greater than the Case Number Assignment date. |
| • | Refinance case; property acquired by borrower greater than or equal to 12 months prior to the Case Number Assignment date: Adjusted Value is the Appraised Value. |
| • | Streamline refinance case: Appraised Value of the prior FHA-insured mortgage. |
| • | HUD REO case: If there is no appraisal, the Adjusted Value is the Sales Price. Otherwise, Adjusted Value is the lesser of the (a) Sales Price or (b) Appraised Value. |
| * | Any Weatherization Amount is included in the computation of the Adjusted Value. |
EEM Calculator Page - Field Descriptions
EEM Calculator Results Page - Field Descriptions