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FHA Energy Efficient Mortgage by imortgage

FHA Energy Efficient Mortgage by imortgage
Lender: Loan Depot LLC
Contact Information
Website: www.imortgage.com/roland.macias
Phone: (562) 924-9707
Email: roland.macias@imortgage.com
Property Types
Program Description
The Federal Housing Administration's (FHA's) Streamlined 203(K) program helps homeowners finance up to an additional $35,000 to repair, improve or upgrade their home as part of an FHA-insured home purchase or refinance mortgage. Upgrades can include energy upgrades and renovations that do not require structural engineering. The actual mortgage loan is provided through an FHA-approved lender, such as Contempo Lending, and the FHA provides mortgage insurance to reduce the risk of the additional project cost to the lender. A Streamlined K 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 Streamlined K can be structured in many different ways that may include closing costs, fees or points. Additionally, it includes a 1.75% mortgage insurance fee at close and an additional monthly .85% mortgage insurance fee.
Types of Financing
Secured
Financing & Payment Information
Term (years):
1
Minimum Amount:
$5,000
Maximum Amount:
$35,000
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 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
Equity in Property Needed
No

Financial Products

Lien type Secured loan
Re-Payment Method Off-bill loan (Direct to Lender)
Automatic payment option available
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 $5,000 - $35,000
Financing Term (yrs.) 1 year(s)
Rate 0%
Money Down Required? Yes
Credit Enhancement Available
Transferrable Yes
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: 0
Financing Approval Time
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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