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In late 2010, HUD introduced a pilot program designed to support home energy-improvement loans through mainstream lenders to help consumers make proven, energy-saving alterations to their home. Through the PowerSaver program, homeowners will be able to borrow as much as $25,000 for terms of 15 years — or 20 years for certain improvements.
PowerSaver Details ____________________________
The U.S. Department of Housing and Urban Development released details of the PowerSaver program in late April. For more information, visit http://sctsg.de/PowerSaverRelease.
These PowerSaver loans will be secured by mortgages or deeds of trust and will be subordinate to first mortgages. Borrowers in qualifying target areas will be able to spend the money on many energy-efficiency improvements. As of press time, an official start date for the two-year pilot program had not been announced. For more information, view the industry fact sheet at sctsm.in/PowerSaverSheet.
The introduction of the PowerSaver pilot program is further proof of the increasing interest in sustainability and its relationship to real estate finance. Mortgage brokers can work with homeowners and investors to take advantage of energy-efficient lending options.
Susan Frost, president and broker of Alliance Mortgage and Marketing, entered the mortgage business in 1983 and helped grow a small brokerage into a full-service mortgage bank. Frost later expanded her knowledge into real estate investing, property management and marketing. She founded Alliance in 2007. The mortgage brokerage operates in California, Washington state and Oregon.
It specializes in government and conventional forward and reverse mortgages for one- to four-unit residential properties. Reach Frost at (916) 473-1317 or email@example.com.
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