Two loan programs helping fund home energy improvements
By Kenneth R. Harney, Special to the Times Friday, April 29, 2011
Programs offer cash for energy upgrades
WASHINGTON — If you’ve been looking for a way to pay for energy improvements to your house, two little-publicized new mortgage programs could provide the cash you need.
The Federal Housing Administration and mortgage investor Fannie Mae have launched startups in the energy-conservation arena. Here’s an overview, with some pros and cons.
FHA’s new “PowerSaver” program lets eligible owners borrow up to $25,000 at rates of 5 to 7 percent for up to 20 years to finance retrofits including high-efficiency windows and doors, heating and ventilating systems, solar panels, geothermal systems, insulation and duct sealing. (Online: hud.gov; search “powersaver.”)
Though a pilot program, HUD Secretary Shaun Donovan estimates that 30,000 PowerSaver loans will close in the next two years. It eventually could become a major national program …
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