11. How is the PowerSaver loan backed by the FHA/HUD?

PowerSaver loans are insured by the FHA/HUD. This federal backing allows customers to borrow up to 100% of the value of their homes in order to complete energy improvements. This can make up to 20% more of the total value of your home available for you to borrow.

The FHA designed this loan to make it more possible for more people to make energy improvements. Only a few banks have been approved by the FHA to offer PowerSaver loans. PowerSaver makes it safer for participating banks to go beyond their typical approval limitations and it protects consumers who borrow money to spend on energy efficient improvements.

Learn more about the FHA and PowerSaver.

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12. How long will the PowerSaver loan be available? Can I think about it and apply next spring?

The PowerSaver loan is available until the summer of 2013. At that time, the grant that makes PowerSaver possible will be re-evaluated. While we hope that the grant will be extended so that we can continue to offer this opportunity, we can only be sure that the PowerSaver program will continue through the current grant period.

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13. Why is it that not all banks offer the PowerSaver loan?

Bank of Colorado was one of the very few banks that were selected to offer the PowerSaver loan through a competitive grant application process. Those banks that were selected had to prove their ability to deliver the loan in an effective and responsible fashion and demonstrate that they had a partner that was specifically involved in energy efficient home improvements. Bank of Colorado has been dedicated to leading the state in energy efficient financing through its creation and promotion of the ENERGY STAR Mortgage, the Energy Efficient Mortgage, and the FHA 203K home improvement loan. Our partnership with the city of Fort Collins and other municipalities and our dedication to energy financing made us the obvious choice to bring this product to the people of Colorado.

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Additional information is also available through the FHA website at U.S Department of Housing and Urban Development

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