The Gas Company and Fannie Mae announce new energy upgrade
financing program for Southern California homeowners.
LOS ANGELES, CA -- (3/98)
Southern California homeowners will be able to finance home energy improvements
through a new affordable loan program developed by The Gas Company, Viewtech
Financial Services, Inc.,
and Fannie Mae (FNM/NYSE), the nation's largest source of home mortgage funds.
The Home Energy Financing Program will offer financing for heating and cooling
system upgrades as well as other energy improvements for customers of The Gas
Company. Available financing for improvements will range from $1,000 to $15,000
through fixed-rate loans with terms of up to ten years.
"Fannie Mae is showing
its continued commitment to homeowners," said U.S. Senator Barbara Boxer
(D-CA). "Their work does not end with the sale of the home. They constantly
work toward providing a better quality of life for the owners."
The Home Energy Financing
Program was designed to provide customers with a flexible financing tool to pay
for energy-efficient home improvements. Viewtech will administer the
program through its full service finance center. Staff at the center will handle
credit decisions, process loan documents, customer and contractor billings,
payments, and insure prompt customer service. Fannie Mae has committed to
purchase the loans made under the program from Viewtech.
Typically, homeowners would
only be able to obtain higher interest-rate consumer loans to finance energy
improvements. "Our alliance with Fannie Mae and Viewtech will help
homeowners achieve immediate and long-term energy conservation as well as save
them money," said Pat Petersilia, director of consumer marketing with The
Gas Company, the nation's largest natural gas distributor, serving 4.7 million
customers and 535 communities.
The program offers financing
for upgrades such as furnaces, central air conditioning, window and door
replacements, insulation, water heaters, and fireplace inserts.
"Fannie Mae is pleased
to be working with The Gas Company and Viewtech on such an exciting
consumer product," said Libby Harshfield, senior vice president of Fannie
Mae's Western Regional Office. "The dream of homeownership is not only
about providing affordable housing opportunities, but also about providing
products that homeowners can use to improve their homes."
Under the program, home
improvements will be completed by local contractors approved by the League of
California Homeowners. "As a consumer organization, we are pleased to be
able to provide homeowners with recommendations for highly qualified craftsmen
and technicians," said Kenneth W. Willis, president of the League.
For more information on the
Home Energy Upgrade Program, call 1-888-427-0797.