FHA Power Saver Loan Program
FHA Power Saver is a new mortgage insurance product from the Federal Housing Administration (FHA) that will enable Minnesota homeowners to make cost effective, energy saving improvements to their homes.
FHA Power Saver Loans will enable Minnesota homeowners to borrow up to $25,000 for terms as long as 20 years to make energy improvements.
Power Saver Loan Examples of Eligible Improvements,
- Energy Efficient Doors and Windows
- Insulation
- Air Duct Sealing
- Eenergy Efficient HVAC Systems and Water Heaters
- Solar Panels
- Geothermal Systems
Power Saver Loan interest rates are expected to be between 5 and 7 percent – comparable to or lower than other financing options available to most Minnesota homeowners.
Power Saver loans generally will be secured with a 2nd mortgage.
PowerSaver may make particular sense for homeowners with equity in their home who want to make cost-saving improvements that may also improve the home’s value.
Power Saver Loan Requirements
- Borrowers must have credit scores of at least 660
- Total debt to income ratios cannot exceed 45 percent
- The combined loan-to-value ratio for all loans on a home, including the PowerSaver loan, cannot exceed 100 percent.
Start Saving Money and the enviorment Call Today Mpls 952-920-8888 St Paul 651-644-6900
