Back to top

Press Releases

Home
Press Releases


Sun West Logo

Sun West Mortgage Company Partners with EGIA to Introduce the FHA PowerSaver Loan Program



Investing in Home Energy Efficiency and Renewable Energy Upgrades Now More Affordable than Ever for Thousands of Homeowners

Sun West Mortgage Company (Sun West) has teamed with the Electric & Gas Industries Association (EGIA) to offer homeowners access to the new Federal Housing Administration (FHA) sponsored PowerSaver Loan Program. Sun West is now accepting applications over the phone at (866) 740-3677 or on the web at http://www.powersaverloan.com.

PowerSaver has been designed to assist homeowners by giving them a powerful tool to accelerate investment in home energy efficiency upgrades and realize substantial ongoing energy savings. Qualified homeowners may borrow up to $25,000 to make energy-efficient and renewable energy improvements to their primary residence. 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. Coupled with competitive interest rates, PowerSaver offers finance terms of up to 15 years for qualified energy efficiency home improvements and up to 20 years for renewable energy improvements.

This national loan program is backed by FHA and is sold on the secondary market. It, therefore, has funding that is not dependent on local utility or government programs. As an added incentive, Sun West Mortgage is offering to reimburse the borrower's closing costs for approximately the first 1,000 loans (or until funds are expended) through a grant provided by the U.S. Department of Housing and Urban Development (HUD).

The PowerSaver Loan program is designed to complement other utility and government sponsored home energy incentives. For example, many California homeowners are already eligible to receive up to $4,000 in rebates for some of the same home energy improvements through Energy Upgrade California. Homeowners can now take advantage of both the California rebates and special PowerSaver financing for eligible home energy improvements. EGIA is providing streamlined enrollment to Energy Upgrade California-qualified contractors to become EGIA GEOSmart Authorized Contractors eligible to install PowerSaver financed improvements.

Sun West Mortgage Company is approved by the Department of HUD as well as by Fannie Mae and Freddie Mac. Sun West is one of select group of lenders in the country offering this program. "We are proud of the fact that FHA has chosen us to pilot the PowerSaver program," said Pavan Agarwal, CEO of Sun West Mortgage Company. "The PowerSaver is in line with our commitment to write affordable loans that benefit our customers and our community."

Under its partnership with Sun West, EGIA's function is to enroll and screen the home improvement contractors to be sure there are properly licensed, insured and follow national installation standards. EGIA also reviews each contractor's proposal to be sure the improvements meet federal energy efficiency and renewable energy standards.

"Sun West Mortgage's expertise as a national lender of government-backed mortgages along with EGIA's experience as a national contractor membership organization that also works closely with utility, government and manufacturers is a perfect fit for consumers considering energy efficiency upgrades," said Bruce Matulich, CEO, EGIA. "We look forward to growing our partnership beyond California and to other programs aimed at making home energy improvements more affordable."

About Sun West Mortgage Company Inc. [NMLS 3277]

Sun West Mortgage Company Inc. is a nationwide, FHA, VA, USDA, Freddie Mac, Fannie Mae and Ginnie Mae approved full-service mortgage banker. Sun West has been serving its nationwide client base since 1980. Its diversified loan programs include FHA Reverse Mortgages, FHA Single Family, HUD Multifamily, VA, Conventional and Home Equity mortgages. Sun West is one of the few direct lenders to provide in-house underwriting, funding, and servicing. As a national lender Sun West is dedicated to offering exceptional customer service coupled with integrity, reliability, strength and stability.

Learn more about:

The PowerSaver Loan Program at http://www.powersaverloan.com

Sun West Mortgage Company, Inc. at http://www.swmc.com

About Electric & Gas Industries Association

The Electric & Gas Industries Association (EGIA) is a nationwide nonprofit organization that provides member contractors and organizations focused on delivering energy and water efficiency and renewable energy solutions with the knowledge, tools, training and networking that accelerate their business growth and profitability. EGIA also supports utilities and government in achieving their goals related to the development of sustainable markets for energy efficiency and renewable energy products and services. To learn more about EGIA, visit http://www.EGIA.org.

Media Contacts:

Sean Marsh, Sun West Mortgage Company
Phone: (562)-293-2046 Email: sean.marsh@swmc.com

Ed Thomas, EGIA
Phone: (970) 209-8347 Email: ethomas@egia.org