Secured
Finance Vendor Details
Fannie Mae Homestyle Renovation Mortgage by On Q Financial
Lender:
On Q Financial
Contact Information
Website:
www.jimmylucero.onqfinancial.com
Phone: (562) 215-1534
Email: jimmy.lucero@OnQFinancial.com
Phone: (562) 215-1534
Email: jimmy.lucero@OnQFinancial.com
Property Types
Program Description
Fannie Mae's Homestyle Renovation Mortgage helps homeowners finance the cost to repair, improve or upgrade their home as part of an insured home purchase or refinance mortgage. Renovations and other non-energy home improvements may be financed. The actual mortgage loan is provided through a Fannie Mae-approved lender, such as On Q Financial. The additional renovation project cost available to the homeowner through the Homestyle Renovation Mortgage is limited to 50% of the “as completed” appraised value of the home. As with any typical mortgage, the Homestyle Mortgage can be structured in many different ways that may include closing costs, fees or points.
Verified by Lender on: 2/24/2016
The data provided is for informational purposes only. For actual loan terms specific to borrowers, contact the lender directly.
Types of Financing
Financing & Payment Information
Term (years):
30
Minimum Amount:
$50,000
Maximum Amount:
$0
Fees:
None
Money Down Required:
Yes
Repayment Method:
Off-bill loan (Direct to Lender)
Payment Frequency:
Monthly
Pre-Payment Penalty:
No
Allowable Projects
Funds Energy Efficiency projects
Funds Water Efficiency projects
Funds Renewable Energy projects
Funds Demand Response projects
Funds other energy projects
Funds other energy-related projects
Funds other non-energy projects
Other Program Requirements
Financing Approval Time
More than 48 hours
Equity in Property Needed
No
Financial Products
Lien type | Secured loan |
Re-Payment Method | Off-bill loan (Direct to Lender) |
Property Types | |
Automatic payment option available | Yes |
Requires utility incentive program participation | No |
Must use Program's pre-approved contractors | No |
One-time fees (% of total financing) | |
One-time fees (fixed) | |
Ongoing fees | |
Financing Amount | $50,000 + |
Financing Term (yrs.) | 30 year(s) |
Rate | Market Rate |
Money Down Required? | Yes |
Credit Enhancement Available | Yes - Insurance |
Risk Mitigation | Insurance |
Transferrable | No |
Prepayment Penalty or Fee | No |
Tax Deductibility | Yes |
Minimum Credit Score Required | |
Equity in Property Required | Yes |
Debt to Income Ratio Required | Yes |
Involuntary Property Liens Allowed | No |
Foreclosures Allowed | |
Bankruptcies Allowed | |
Mortgage Lender Consent/ Acknowledgement | No |
Must be current on property taxes | Yes |
Must be current on mortgage | Yes |
Loan to value | |
Debt Service Coverage Ratio | Yes |
Financing Approval Time | More than 48 hours |
Projected Energy Savings/Cash Flow is considered | No |
Must be current on utility bill | No |
Upgrades Covered
No Results
FAQ's
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