The Department of Housing and Urban Development (HUD) announced a new pilot program that will offer credit-worthy borrowers low-cost loans to make energy-saving improvements.
Backed by the Federal Housing Authority (FHA), these new “FHA PowerSaver” loans will offer homeowners up to $25,000 to make energy-efficient improvements of their choice. These include the installation of insulation, duct sealing, doors and windows, HVAC (air-conditioning/heat) systems, water heaters, solar panels, and geothermal systems.
“Home energy retrofits are good investments that save families money,” said Ginnie Mae President Ted Tozer. “As the financing arm of HUD, we are proud to support this important home-improvement segment of the housing market and look forward to working with lenders and FHA to develop appropriate secondary market options.”
PowerSaver loans are only available to borrowers with good credit, manageable overall debt and at least some equity in the home.
For more information, visit HUD’s website.
Contact HUD Announces Program to Help Homeowners Pay for Energy Improvements
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