DOE and HUD Announce Lenders to Participate in New Energy Improvements Pilot Program

Eighteen national, regional and local lenders will participate in a new two-year pilot program that will offer homeowners living in certain parts of the country low-cost loans to make energy-saving improvements to their homes.  The new PowerSaver loans will offer homeowners up to $25,000 to make energy-efficient improvements of their choice, including the installation of insulation, duct sealing, replacement doors and windows, HVAC systems, water heaters, solar panels, and geothermal systems.

The remodeling industry believes there is a growing among homeowners interested in making their homes energy efficient. However there are not many options for these homeowners to finance such projects.  Initially, the PowerSaver pilot program is estimated to assist approximately 30,000 homeowners to finance energy-efficient upgrades though higher market demand may increase this impact. According to HUD projections, more than 3,000 jobs will be created through this pilot program. The markets where the money will be lent include, but are not limited to areas of the country participating in the Energy Department's Better Building Program.

List of FHA PowerSaver Approved Lenders:

1. Admirals Bank
2. AFC First Financial Corporation
3. Bank of Colorado
4. City of Boise, Idaho
5. Energy Finance Solutions
6. Enterprise Cascadia
7. HomeStreet Bank
8. Neighbor's Financial Corporation
9. Paramount Equity Mortgage, Inc.
10. Quicken Loans
11. SOFCU Community Credit Union
12. Stonegate Mortgage Corporation
13. Sun West Mortgage Company, Inc.
14. The Bank at Broadmoor
15. University of Virginia Community Credit Union, Inc.
16. Viewtech Financial Services, Inc.
17. WinTrust Mortgage
18. W. J. Bradley Mortgage Capital Corporation

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