Green Options

The American Recovery and Reinvestment Act (ARRA) signed into law by President Obama in February provides financial opportunities for homeowners, specifically tax credits, rebates, and loans for improving energy efficiency. The Act also provides tax credits for buying a house and for hybrid and alternative fuel car purchases. The problem is that the 400 page legislation can be tough to work your way through to find what’s available to you.

Good news for homeowners? Those with loans guaranteed by Fannie Mae or Freddie Mac could be eligible to refinance — even if they owe more than their home is worth.