New Federal Loans Allow Homeowners to Finance Energy Efficiency
✉️ Want to forward this article? Click here.
Sometimes, the biggest obstacle to making a home more energy efficient is the cost. However, the Departments of Energy and Housing and Urban Development announced a new initiative called PowerSaver last week that will help qualified borrowers in certain parts of the country obtain low-cost loans to make energy-saving improvements to their homes.
Eighteen national, regional and local lenders will participate in the two-year PowerSaver pilot program. Backed by the Federal Housing Administration (FHA), the loans will offer homeowners up to $25,000 to make energy-efficient improvements, including the installation of insulation, duct sealing, replacement doors and windows, HVAC systems, water heaters, solar panels, and geothermal systems.
FHA mortgage insurance will cover up to 90 percent of the loan amount in the event of default, and lenders will retain the remaining risk on each loan.
From the Department of Energy:
“PowerSaver has been carefully designed to meet a need in the marketplace for borrowers who have the ability and motivation to take on modest additional debt to realize the savings over time from home energy improvements. PowerSaver loans are only available to borrowers with good credit, manageable debt and at least some equity in their home (maximum 100% combined loan-to-value).”
The program was launched as part of Vice President Biden’s Middle Class Task Force and is part of the Obama Administration’s larger greening initiatives. Below is the list of 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
See other articles related to: department of energy, fha, green real estate, hud
This article originally published at https://dc.urbanturf.com/articles/blog/new_federal_loans_allow_homeowners_to_finance_energy_efficiency/3426.
UrbanTurf Listings showcases the DC metro area's best properties available for sale.
Most Popular... This Week • Last 30 Days • Ever
As the year draws to a close, homeowners have the opportunity to maximize their tax b... read »
Plans for the large new residential project are looking to get started again after mo... read »
The Wall Street Journal is reporting that Jeff Skoll has purchased two homes on nine ... read »
Some interesting residential plans are on the boards for the church at 16th Street an... read »
The Sidney features 48 beautifully designed condos, and is one of DC’s only large c... read »
- What Homeowners Should Do Before The End of the Year
- Plans Filed For 230-Unit Development At Brookland Metro Station
- EBay's First President Buys McLean Homes For $17 Million
- A Nine-Story Condo Building Floated For 16th Street Church Property
- A First Look At The Sidney: 48 Condos Debuting Soon Near Union Market
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro
