Greening Hollywood: DIY Eco-Home

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First Time Homebuyers qualified for Fed. Stimulus Funds. Why not “greenovate!” $50K available in grant money for home improvements for qualified individuals.”

Were you starting to believe that the Federal Stimulus $$ were for everyone but you? Brace yourself, because you, – yes YOU! – even if you’re not a billionaire banker or jet-setting car company executive – may be able to qualify for a nice chunk of change from the government to buy your first home.

In a national program, the Federal government is making available up to $75K dollars in a 0% interest, 20-year deferred home loan if you meet certain qualifications. What are the qualifications? You must be a low ($46K per year) –medium ($66K) income earner and have a FICO score of at least 620. If you have all that, pay attention, because you can get yourself qualified for not just up to $75K in a 0% home loan but also another $10K towards the down payment of said home or the closing costs upon purchase, you choose.

And, I almost hesitate to add this part for fear of people shying away in an, “it’s too good to be true,” thought pattern, but, here’s where the Greenies of the world can seize the day: When you purchase a distressed property that needs to be brought up to code, such as with plumbing and other structural improvements, you then qualify for an additional grant of $50K from the government with which to do so.

Darren Moore, owner of EcoVations, a “green” renovations company, and good friend, Anna Getty, at November ’08’s EMA Awards. Photo courtesy Getty Images.

There was a time when distressed properties existed primarily in certain neighborhoods. Not these days. A quick look around tells you that people of all socio-economic backgrounds went in for those easy to qualify-for bubble and Ninja loans. That means, distressed properties are to be found even in the nicest neighborhoods. The program also applies towards the purchase of condos.

For eco-friendly home remodelers, such as Darren Moore of Ecovations [reg. TM] (pictured above),  Daniel Vandenbark of Vernare,  and shops such as Livingreen, this can provide a bonanza in the opportunity to cull new clients who are first time homebuyers with a green agenda. Even the best properties often need a coat of paint and other such fixing up upon move-in. Let these guys, or others like them out there in your own communities, advise you on using Low to Zero VOC paints, eco- floor coverings and water-efficient plumbing for your home renovations.

And just like the wildly popular Federal Stimulus Money funded “Cash for Clunkers,” program, when the money’s gone, the money’s gone. If you think you might qualify, it’s a good idea to look into the program now, while there’s still funding available.