November 15, 2010
In November 2010, the Department of Housing and Urban Development announced a pilot program that offers qualified FHA loan applicants a low-cost loan to help homeowners install energy saving upgrades to their homes.
The new FHA PowerSaver loan is scheduled to be offered in conjunction with a program called Recovery Through Retrofit which was launched by Vice President Joe Biden in 2009.
The new FHA PowerSaver loan is substantial–up to $25,000 for qualified FHA loan applicants–and can be used to install insulation, solar panels, geothermal energy systems and much more.
Vice President Biden says this new FHA loan and the Recovery Through Retrofit program in general are part of a move to give families better savings on their energy bills. More efficient homes reduce power consumption needs and Biden says the demand for such upgrades also creates much-needed jobs.
“Together, these programs will grow the home retrofit industry and help middle class families save money and energy.
Joe Wallace has been specializing in military and personal finance topics since 1995. His work has appeared on Air Force Television News, The Pentagon Channel, ABC and a variety of print and online publications. He is a 13-year Air Force veteran and a member of the Air Force Public Affairs Alumni Association. He was Managing editor for www.valoans.com for (8) years and is currently the Associate Editor for FHANewsblog.com.
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