HUD Approves Stonegate Mortgage Corporation for Pilot PowerSaver Program

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The U.S. Department of Housing and Urban Development (HUD) has designated Stonegate Mortgage as one of eighteen approved lenders nationwide for the new Federal Housing Administration (FHA) PowerSaver program, a two-year pilot that grants low-cost loans to homeowners wanting to make energy-saving improvements. HUD announced the launch of the new program on Thursday, April 21st.

Stonegate Mortgage Corporation

Stonegate is excited to participate in the PowerSaver program, as it will further enable us to accomplish our goal of revitalizing the housing market and the communities in which we serve, said Jim Cutillo, CEO/President of Stonegate.

The U.S. Department of Housing and Urban Development (HUD) has designated Stonegate Mortgage as one of eighteen approved lenders nationwide for the new Federal Housing Administration (FHA) PowerSaver program, a two-year pilot that grants low-cost loans to homeowners wanting to make energy-saving improvements. HUD announced the launch of the new program on Thursday, April 21st.

FHA PowerSaver will enable homeowners to make cost-effective, energy-saving improvements of their choice to their homes, allowing them to borrow up to $25,000 for terms as long as 20 years. Eligible improvements are based on a list developed by FHA and the U.S. Department of Energy (DOE) and include, but are not limited to, insulation, duct sealing, energy efficient doors and windows, energy efficient HVAC systems and water heaters, solar panels and geothermal systems.

“Stonegate is excited to participate in the PowerSaver program, as it will further enable us to accomplish our goal of revitalizing the housing market and the communities in which we serve,” said Jim Cutillo, CEO/President of Stonegate.

PowerSaver may be appealing for homeowners with equity in their home who want to make energy-saving improvements that may also improve the home’s value. In addition, homeowners who have paid off their mortgage, plan to stay in their home and want to realize the benefits of lower energy bills may also want to consider PowerSaver.

The FHA will make incentive grant payments available for lenders to enhance benefits to borrowers, such as lower interest rates, which are expected to be between 5 and 7 percent – comparable to, or lower than, other options available to most homeowners. Participating lenders will be required to target markets that have already taken affirmative steps to expand home energy improvements. FHA and DOE will help lenders identify such markets - which exist in many suburban, rural and urban areas across the country.

About Stonegate Mortgage Corporation
Founded in 2005, Stonegate Mortgage Corporation is one of the top 25 independently-owned mortgage servicers in the United States and is a leading originator of government-sponsored enterprise (GSE) and government-insured (FHA, VA and USDA) loans. Stonegate assists clients in purchasing and refinancing homes through a variety of mortgage products, and also acquires wholesale and correspondent loans in 15 mid-western states. Retail branch locations include Avon, Fishers and Greenwood, IN, Overland Park, KS, Louisville, KY and Columbus and Mansfield, OH.

For more information about Stonegate Mortgage Corporation, go to http://www.stonegatemtg.com.

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William Brown
Stonegate Mortgage
317.570.0450 ext. 144
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