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Finance Vendor Details

VA FHA Energy Efficient Mortgage by On Q Financial
Lender: On Q Financial
Contact Information
Property Types
Program Description
The Federal Housing Administration's (FHA's) Energy Efficient Mortgage (EEM) helps homeowners, who are veterans, finance the cost of adding energy efficiency and renewable energy upgrades to their home as part of an FHA-insured home purchase or refinance mortgage. The actual mortgage loan is provided through an FHA-approved lender, such as On Q Financial, and the FHA provides mortgage insurance to reduce the risk of the additional energy project cost to the lender. The additional energy project cost available to the homeowner through the EEM is determined by the results of an energy audit, usually provided through a professional who conducts a Home Energy Rating System (HERS) test on the house. As with any typical mortgage, EEMs 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):
Minimum Amount:
Maximum Amount:
Money Down Required:
Repayment Method:
Off-bill loan (Direct to Lender)
Payment Frequency:
Pre-Payment Penalty:
Allowable Projects
Funds Energy Efficiency projects
Funds Renewable Energy projects
Other Program Requirements
Financing Approval Time
More than 48 hours
Equity in Property Needed

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) No
One-time fees (fixed) No
Ongoing fees No
Financing Amount $50,000
Financing Term (yrs.) 30 year(s)
Rate Market Rate
Money Down Required? No
Credit Enhancement Available Yes - Insurance
Risk Mitigation Insurance
Transferrable Yes
Prepayment Penalty or Fee No
Tax Deductibility Yes
Minimum Credit Score Required Yes: 580
Equity in Property Required Yes
Debt to Income Ratio Required Yes
Involuntary Property Liens Allowed No
Foreclosures Allowed Yes: Yes (Occurred more than 2 years ago)
Bankruptcies Allowed Yes: Yes (Occurred more than 2 years ago)
Mortgage Lender Consent/ Acknowledgement No
Must be current on property taxes Yes
Must be current on mortgage Yes
Loan to value Yes: 1%
Debt Service Coverage Ratio Yes: 0
Financing Approval Time More than 48 hours
Projected Energy Savings/Cash Flow is considered Yes
Must be current on utility bill No

Upgrades Covered

No Results


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