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| FHA PowerSaver Loan |
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FHA Low Cost
Loans To Make
Your Home More
Energy Efficient
Loans To Make
Your Home More
Energy Efficient
The Federal Housing Administration (FHA)
has selected 18 lenders to participate in its
new loan program. The PowerSaver loan
program will make low cost loans available to
homeowners to help them make their homes
more energy efficient.
Energy efficient improvements include the
installation of insulation, duct sealing,
replacement of doors and windows, HVAC
systems, water heaters, solar panels and
geothermal systems.
This is a 2 year pilot program and will assist
approximately 30,000 homeowners. The
maximum loan is $25,000 and can run for 20
years. A mortgage will be registered against
the property in question, and will be
subordinate to the existing first lien.
PowerSaver will be of interest to homeowners
who have equity in their homes and who want
to make cost-saving improvements that may
also improve the home’s value. PowerSaver
also might appeal to homeowners who have
paid off their mortgage, plan to stay in their
home and want to realize the benefits of lower
energy bills.
Loan interest rates are expected to be 5% to
7%. This is much more attractive than a
personal loan, or a Home Equity Line Of
Credit (HELOC).
The government is not going out on the limb
with the PowerSaver because Federal
mortgage insurance will cover up to 90
percent of the loan amount in the event of
default. Lenders will retain the remaining risk
on each loan. FHA will provide streamlined
insurance claims payment procedures on
PowerSaver loans. In addition, lenders might
be eligible for incentive grant payments from
FHA to enhance benefits to borrowers, such
as lower interest rates.
PowerSaver loans will only be available to
homeowners who have the means and
motivation to make energy saving
improvements to their homes. Borrowers must
have credit scores of at least 660 and their
total debt to income ratios cannot exceed 45
percent. The combined loan-to-value ratio for
all loans on a home, including the PowerSaver
loan, cannot exceed 100 percent.
The PowerSaver program is not offered in all
localities. If you are interested you should
contact one of the lenders listed below.
has selected 18 lenders to participate in its
new loan program. The PowerSaver loan
program will make low cost loans available to
homeowners to help them make their homes
more energy efficient.
Energy efficient improvements include the
installation of insulation, duct sealing,
replacement of doors and windows, HVAC
systems, water heaters, solar panels and
geothermal systems.
This is a 2 year pilot program and will assist
approximately 30,000 homeowners. The
maximum loan is $25,000 and can run for 20
years. A mortgage will be registered against
the property in question, and will be
subordinate to the existing first lien.
PowerSaver will be of interest to homeowners
who have equity in their homes and who want
to make cost-saving improvements that may
also improve the home’s value. PowerSaver
also might appeal to homeowners who have
paid off their mortgage, plan to stay in their
home and want to realize the benefits of lower
energy bills.
Loan interest rates are expected to be 5% to
7%. This is much more attractive than a
personal loan, or a Home Equity Line Of
Credit (HELOC).
The government is not going out on the limb
with the PowerSaver because Federal
mortgage insurance will cover up to 90
percent of the loan amount in the event of
default. Lenders will retain the remaining risk
on each loan. FHA will provide streamlined
insurance claims payment procedures on
PowerSaver loans. In addition, lenders might
be eligible for incentive grant payments from
FHA to enhance benefits to borrowers, such
as lower interest rates.
PowerSaver loans will only be available to
homeowners who have the means and
motivation to make energy saving
improvements to their homes. Borrowers must
have credit scores of at least 660 and their
total debt to income ratios cannot exceed 45
percent. The combined loan-to-value ratio for
all loans on a home, including the PowerSaver
loan, cannot exceed 100 percent.
The PowerSaver program is not offered in all
localities. If you are interested you should
contact one of the lenders listed below.
| FHA PowerSaver Approved Lenders Admirals Bank AFC First Financial Corporation Bank of Colorado City of Boise, Idaho Energy Finance Solutions Enterprise Cascadia HomeStreet Bank Neighbor's Financial Corporation Paramount Equity Mortgage, Inc. Quicken Loans SOFCU Community Credit Union Stonegate Mortgage Corporation Sun West Mortgage Company, Inc. The Bank at Broadmoor University of Virginia Community Credit Union, Inc. Viewtech Financial Services, Inc. WinTrust Mortgage W. J. Bradley Mortgage Capital Corporation |