It’s been a few weeks since HUD announced the Power Saver loan program. This new FHA loan is a pilot program that extends financing to homeowners who are implemented energy conservation solutions to their homes. HUD said that FHA will insure these home improvement loans and many FHA lenders are excited about the prospects of helping the environment.
Homeowners will benefit from the Power Saver loan because they will get home improvements financed and lower energy bills.
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The bottom line is that the monthly savings will be greater than the home improvement loan payment. These FHA loans have created the opportunity for homeowners to reap the benefits of energy savings and HUD is now requiring a home energy rating.
The Power Saver loan program will only finance home improvements that produce energy savings as assessed and verified by a certified home energy rater. This enables FHA to measure the anticipated savings and regulate the appropriate credit policy.
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How can I apply for a Power Saver loan?
The following FHA lenders are approved to offer the PowerSaver loan: Quicken Loans, Sun West Mortgage, Seattle’s HomeStreet Bank, the Bank of Colorado, Stonegate Mortgage, Pennsylvania-based AFC First Financial and the University of Virginia Community Credit Union
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