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VA FHA Energy Efficient Mortgage by On Q Financial
VA FHA Energy Efficient 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
The Federal Housing Administration’s (FHA’s) 203(K) Rehab Loan helps homeowners finance an additional amount to repair, improve or upgrade their home as part of an FHA-insured home purchase or refinance mortgage. Renovations and other non-energy home improvements may be financed. 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 project cost to the lender. The maximum additional project cost approved for the rehab work is determined by the expected value of the property after the improvements are completed. An FHA Rehab Loan may be paired with an Energy Efficient Mortgage in some cases in order to get additional funding for improvements. As with any typical mortgage, the FHA Rehab Loan can be structured in many different ways that may include closing costs, fees or points.
Verified by Lender on: 02/24/2016
Types of Financing
Financing & Payment Information
Term (years):
30
Minimum Amount:
$5,000
Maximum Amount:
N/A
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 - 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
Financing Approval Time
Immediate- Preliminary
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) | No |
One-time fees (fixed) | No |
Ongoing fees | No |
Financing Amount | $5,000 + |
Financing Term (yrs.) | 30 year(s) |
Rate | Market Rate |
Money Down Required? | Yes |
Credit Enhancement Available | Insurance |
Risk Mitigation | Insurance |
Transferrable | Yes |
Prepayment Penalty or Fee | No |
Tax Deductibility | Yes |
Minimum Credit Score Required | Yes: 640 |
Equity in Property Required | Yes |
Debt to Income Ratio Required | Yes |
Involuntary Property Liens Allowed | No |
Foreclosures Allowed | Yes: More than 7 years ago |
Bankruptcies Allowed | Yes: 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: 97% |
Debt Service Coverage Ratio | Yes: 0 |
Financing Approval Time | Immediate- Preliminary |
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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