What if you could get a 20-year, no-money-down loan for a home solar system costing up to $25,000, all while lowering your energy bills and helping the environment?
Sound too good to be true?
This loan does exist, thanks to a 90% loan guarantee backed by the U.S. Housing and Urban Development (HUD). Homeowners can now reap the benefits of energy savings, making much needed home energy improvements while lowering their monthly energy bills.
The FHA PowerSaver program makes perfect sense for homeowners with equity in their home who want to make improvements that will also improve the home’s overall value.
With the PowerSaver loan, homeowners can:
- Finance geothermal heat pumps, replacement doors, insulation, solar electric and solar thermal, and more
- Borrow up to $25,000 for home energy-efficiency upgrades
- Loan terms up to 15 and 20 years
- Lock-in low (from 5% to 7% interest) fixed rates
The $25,000 loan is financed through a second mortgage (or a first mortgage if there isn’t an existing mortgage loan on the home). Borrowers cannot have an existing home equity loan, a second lien, or a second mortgage to qualify for the program.
Interested in applying for a PowerSaver loan?
The FHA has pre-approved certain lenders to participate in the PowerSaver program. To locate an FHA-approved lender, visit: http://www.hud.gov/ll/code/llslcrit.cfm.
For more information,subscribe to this blog (to the right of this article) and visit: http://programs.dsireusa.org/system/program/detail/5631