EXIT Realty Foothills Reports on Loans for Home Energy Improvements

FOR IMMEDIATE RELEASE

Contact:
Jessie Eide
Realtor
EXIT Realty Foothills
909.593.0502
admin@ourexitteam.com

EXIT Realty Foothills Reports on Loans for Home Energy Improvements

FHA and Fannie Mae to Offer New Home Energy Improvement Loans

La Verne,CA (Grassroots Newswire) 5/10/2011 --According to Kenneth R Harney from the Washington Post both the Federal Housing Administration (FHA) and Fannie Mae (mortgage investor) just released a new mortgage program that could help you retrofit your home to be more “green.”

This very little known loan program termed the PowerSaver Program will allow home owners to receive up to $25,000 at a fixed rate between 5% and 7% for as long as 20 years. The improvements this loan is permitted to finance are high-efficiency windows and doors, heating and ventilating systems, solar panels, geothermal systems, insulation and duct sealing, and various other upgrades.

There are some pros and cons about the program including the fact that it is only a pilot program, but they still are looking to fund about 30,000 of the PowerSaver loans in the next two years and plan to make it a major national program in order to promote home owners to be conscious of saving energy, cut their energy bills and reduce greenhouse emissions.

There are a few requirements in order to qualify for the loan. The loan will recommend a energy audit; the home must be a single family owner - occupied home; FICO scores must be at least 660; houses with negative equity will not qualify.

There are 18 lenders around the country are able to provide the PowerSaver loan including Quicken loans and Sun West Mortgage.

For more information about EXIT Realty Foothills, please call 909.593.0502. EXIT Realty Foothills is located at 1339 Foothill Blvd La Verne CA 91750.

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