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Fannie Mae Homestyle Renovation Mortgage by On Q Financial
Fannie Mae Homestyle Renovation Mortgage by On Q Financial
Lender:
On Q Financial
Contact Information
Property Types
Program Description
The Residential Energy Efficiency Loan (REEL) is offered through California Coast Credit Union, a CHEEF Participating Lender. It offers financing to pay for eligible energy efficiency projects to qualified single-family and 1-4 unit residential customers throughout California. Up to 30% of the loan can be used to pay for other home improvements, such as water-saving projects and remodeling.
The Residential Energy Efficiency Loan (REEL) is offered through California Coast Credit Union, a CHEEF Participating Lender. It offers financing to pay for eligible energy efficiency projects to qualified single-family and 1-4 unit residential customers throughout California. Up to 30% of the loan can be used to pay for other home improvements, such as water-saving projects and remodeling.
The Residential Energy Efficiency Loan (REEL) is offered through California Coast Credit Union, a CHEEF Participating Lender. It offers financing to pay for eligible energy efficiency projects to qualified single-family and 1-4 unit residential customers throughout California. Up to 30% of the loan can be used to pay for other home improvements, such as water-saving projects and remodeling.
Verified by Lender on: 09/28/2016
Types of Financing
Financing & Payment Information
Term (years):
1 - 15
Minimum Amount:
$2,500
Maximum Amount:
$50,000
Fees:
None
Money Down Required:
No
Repayment Method:
Off-bill loan (Direct to Lender)
Payment Frequency:
Bimonthly
Pre-Payment Penalty:
No
Allowable Projects
Funds Energy Efficiency projects
Funds Water Efficiency projects
Funds Demand Response projects
Funds other energy projects - For example, some financing may be primarily for energy efficiency projects; however, it may allow 30% of the financing to fund other water efficiency or renewable projects.
Funds other energy-related projects - For example, some financing may also allow funding for projects in relation to installing the approved product, such as mold or asbestos remediation.
Funds other non-energy projects - Some financing may allow funding for non-energy projects, such as a kitchen or bath remodel, or seismic upgrades.
Other Program Requirements
Contractors
Must be program-approved
Financing Approval Time
Within 24 hours - Preliminary
Equity in Property Needed
No
Financial Products
| Lien type | Unsecured loan | Unsecured loan |
| Re-Payment Method | Off-bill loan (Direct to Lender) | Off-bill loan (Direct to Lender) |
| Property Types | ||
| Automatic payment option available | Yes | Yes |
| Requires utility incentive program participation | No | No |
| Must use Program's pre-approved contractors | Yes | Yes |
| One-time fees (% of total financing) | No | No |
| One-time fees (fixed) | No | No |
| Ongoing fees | No | No |
| Financing Amount | 2,500% - 50,000% | $2,500 - $50,000 |
| Financing Term (yrs.) | 1 - 15 year(s) | 1 - 15 year(s) |
| Rate | 5.88 - 6.88% | 6.88 - 7.88% |
| Money Down Required? | No | No |
| Credit Enhancement Available | Other | Other |
| Transferrable | No | No |
| Prepayment Penalty or Fee | No | No |
| Tax Deductibility | No | No |
| Minimum Credit Score Required | Yes: 700 | Yes: 600 |
| Equity in Property Required | No | No |
| Debt to Income Ratio Required | No | Yes |
| Involuntary Property Liens Allowed | Yes | Yes |
| Foreclosures Allowed | Yes: More than 7 years ago | Yes: More than 7 years ago |
| Bankruptcies Allowed | Yes: Any Time | Yes: More than 7 years ago |
| Mortgage Lender Consent/ Acknowledgement | Yes | No |
| Must be current on property taxes | No | No |
| Must be current on mortgage | No | No |
| Loan to value | No | No |
| Debt Service Coverage Ratio | No | No |
| Financing Approval Time | within 24 hours - Preliminary | within 24 hours - Preliminary |
| Projected Energy Savings/Cash Flow is considered | No | No |
| Must be current on utility bill | No | 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.