There are currently “few” Green Mortgages with a financial benefit for the homeowner.  Most of the current Energy Efficient Mortgages offered through government loans allow for some “easier” qualifying ratios - but do not offer lower COSTS to the borrower.

 According to the Denver Post yesterday that could be changing!

WASHINGTON — People who buy energy-efficient homes or who upgrade existing ones could be rewarded with lower- interest loans under legislation from a Colorado congressman.

Rep. Ed Perlmutter, a Golden Democrat, on Tuesday unveiled a bill that he hopes will create a market for green buildings by offering incentives to lenders.

“The federal government, I think, needs to push” to ramp up energy-efficient construction, Perlmutter said.

The bill would give Fannie Mae and Freddie Mac, which purchase mortgages from banks, a way to help reach their government mandate of serving low- and moderate-income buyers. Federal rules require that 55 percent of the loans the agencies handle must serve those customers.

Under Perl-mutter’s bill, Fannie Mae and Freddie Mac would gain as much as a 25 percent credit toward that federal goal if they repurchase mortgages on green buildings. That would create an incentive for banks and other lenders, Perl-mutter said, because they could more easily resell those loans. The hope, he said, is that banks will pass the savings on to consumers.

Perlmutter, in his first term, said he has support from at least one high-ranking Democrat who could help push the bill forward. But homebuilders and government-backed lenders Fannie Mae and Freddie Mac have concerns, he said.

“Homebuilders have pushed back hard,” Perlmutter said.

The National Association of Homebuilders supports energy efficiencies but worries about mandates, said Elizabeth Odina, federal legislative director for the trade group.

“When you start adding requirements to housing programs, there is a cost associated with that,” Odina said.

The legislation, while not yet complete, also has a provision that homes insured by the Federal Housing Administration comply with Energy Star ratings for appliances and fixtures. Those homes often include housing for lower-income people.

If it’s going to drive the participation of banks, the legislation will need to specify clearly what traditional lenders will get, said Gregory Melanson, senior vice president of Community Development Banking for Bank of America.

A spokeswoman for Fannie Mae declined to comment. Perl mutter said Fannie Mae has concerns about part of the bill that would require it to have different percentages of “green mortgages” by various benchmark dates.

Under the legislation, buildings could be considered green by meeting an international standard. They also would get points for other criteria, such as being located near mass transit.

It’s unclear how quickly Perlmutter could see action on his bill. He said he has support from House Financial Services Committee Chairman Barney Frank of Massachusetts. House Speaker Nancy Pelosi also supports measures that combat global warming, he said.