Secured
Finance Vendor Details
FHA Section 203(k) "Streamlined (K)" Limited Repair Program 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) 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 On Q Financial, 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.
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):
30
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
Funds other energy-related projects
Funds other non-energy projects
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) | |
One-time fees (fixed) | |
Ongoing fees | |
Financing Amount | $5,000 - $35,000 |
Financing Term (yrs.) | 30 year(s) |
Rate | Market Rate |
Money Down Required? | Yes |
Credit Enhancement Available | Yes - Insurance |
Risk Mitigation | Insurance |
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 | 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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