Back to Find Financing Print Preview >

Finance Vendor Details

Fannie Mae Homestyle Renovation Mortgage by On Q Financial
Lender: On Q Financial
Contact Information
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
Secured
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

Through our Contractor Marketplace, you can search for contractors and find the right fit for your project. You find out details about the contractor such as what types of certifications they have and where they are located. You can also directly find reviews when available. From there it is easy to connect and get started with your projects. A quality installation of equipment increases the benefits and efficiency of your new equipment.