Cerritos, Calif.-based Sun West Mortgage Co. has teamed with the Electric & Gas Industries Association (EGIA) to offer homeowners access to the new Federal Housing Administration (FHA)-sponsored PowerSaver Loan Program.
According to Sun West Mortgage, qualified homeowners may borrow up to $25,000 to make energy-efficient and renewable energy improvements to their primary residence under the FHA's program. The allowable improvements include the installation of insulation, duct sealing, replacement doors and windows, central heating and cooling systems, water heaters, solar panels, and geothermal heat pumps. This national loan program is backed by FHA and is sold on the secondary market.
Under its partnership with Sun West, the EGIA's function is to enroll and screen the home improvement contractors to be sure they are properly licensed, insured and follow national installation standards. The EGIA will also review each contractor's proposal to be sure the improvements meet federal energy efficiency and renewable energy standards.
‘The PowerSaver is in line with our commitment to write affordable loans that benefit our customers and our community,’ says Pavan Agarwal, CEO of Sun West Mortgage.