FOR IMMEDIATE RELEASE
CERRITOS, Calif. --- Sun West Mortgage Company, Inc. NMLS ID 3277 (Sun West) introduces the new Federal Housing Administration (FHA)-insured PowerSaver 203(k) program which allows federal grant funds to cover certain closing costs when energy-efficient improvements are included in a purchase or refinance of a home. Homebuyers may now finance between $3,500 and $25,000 in energy-saving and home rehabilitation improvements with low cost financing available on a variety of home improvement projects.
Sun West is one of the few lenders approved by the U.S. Department of Housing and Urban Development (HUD) and chosen by the FHA to offer this unique combination program of FHA 203(k) and PowerSaver, the FHA PowerSaver 203(k) home loan program. According to Sun West Chief Executive Officer Pavan Agarwal, "This exciting new product, is a part of our corporate missions to provide affordable home ownership and to promote green communities. With nearly 35 years of FHA lending experience, we are honored to have been selected by HUD for this pilot program."
FHA PowerSaver 203(k) program, a comprehensive home improvement loan, provides homebuyers a more cost-effective way to make repairs and home improvements by streamlining the home financing process. Homebuyers can reduce their overall financing costs by using the standard FHA PowerSaver 203(k) rehabilitation loan amount and federal grant funds. Eligible energy-efficient improvements have been proven to lower energy bills and with this loan the improvements include: insulation, solar, windows, air conditioning, heating, doors and more.
"Since 1980, Sun West has been fulfilling its mission of helping our clients with the highest level of service and integrity, and we are pleased to take part in this special prerogative to build affordable and environmentally friendly communities of the future," said Agarwal. By increasing homebuyers funding resources and providing access to a fuller array of improvement options approved by the FHA and U.S. Department of Energy (DOE), both borrowers and lenders alike will be able to take significant advantage of the new FHA PowerSaver 203(k) program.
For additional information and updates about Sun West Mortgage Company, Inc., visit http://www.swmc.com.
About Sun West Mortgage Company, Inc. (NMLS ID 3277)
Sun West Mortgage Company, Inc. is licensed nationwide and is a full service, mortgage banker established in 1980. The company's excellent service and fast turn-time has made Sun West a multi-billion dollar national originator. As a result, Sun West is a leader in offering a diverse set of products with low rates and excellent pricing. Sun West is a HUD-approved mortgagee (FHA & HECM), VA LAPP approved, USDA lender, Fannie Mae and Freddie Mac Seller Servicer and Ginnie Mae Issuer. Sun West is a national leader in HMBS, residential, and commercial securitization.
Visit http://www.swmc.com/swmc/disclaimer.php for the full list of license information or refer to http://www.nmlsconsumeraccess.org to see where Sun West Mortgage Company, Inc. (NMLS ID 3277) is a licensed lender and servicer. In all jurisdictions, the principal (main) licensed location of Sun West Mortgage Company, Inc. is 18303 Gridley Road in Cerritos, CA 90703, Phone: (800) 453-7884.
About FHA PowerSaver 203(k) Loan
As a federally insured loan program, the FHA PowerSaver 203(k) expansion program is a part of the federal government's initiative to increase home values and the quality of living by achieving higher energy-efficiency and long-term affordable, sustainable communities nationwide. Visit http://www.203kguide101.com to learn more about this product.
About FHA 203(k) Rehabilitation Loan
As a federally insured loan program, the FHA 203(k) is designed to help homebuyers make home improvement repairs and finance certain related expenses in the purchase or refinance of their home. The 203(k) program covers home improvement and the modernization projects in areas such as: interior, exterior, structural, health and safety, landscaping and energy-conservation upgrades. Please visit http://loantorepairhome.com/ to learn more about this product.
About FHA PowerSaver Loan
As a federally insured, subordinate lien, loan program with a maximum loan amount of $25,000, the FHA PowerSaver option is intended to give existing homeowners the opportunity to make energy-efficient improvements to their homes and reduce greenhouse gas emissions by completing eligible improvements. Eligible improvements are energy-efficient and renewable energy upgrades such as: solar power, insulation, duct sealing and heating. Visit http://www.powersaverloan.com to learn more about this product.
Sun West Mortgage Company, Inc.
18000 Studebaker Road
Cerritos, CA 90703
SOURCE: Sun West Mortgage Company, Inc.