06 May 11 Lenders Get Approved to Offer FHA PowerSaver Program
HUD received more praise from the Obama Administration for rolling out their new energy efficient finance solution, the FHA PowerSaver. Don’t get too excited though, as FHA lenders may tighten the borrowing requirements on their new FHA home equity loan product. Underwriters will want to examine all your income and asset documentation because, unlike the other FHA loan programs, the government will only cover 90% of the lending company’s loss or insurance claim in the event of a PowerSaver default. FHA announced 18 more lending companies around the nation that have committed to participating in the PowerSaver program. Quicken Loans, Sun West Mortgage, Seattle’s HomeStreet Bank, the Bank of Colorado, Stonegate Mortgage, Pennsylvania-based AFC First Financial and the University of Virginia Community Credit Union.
