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Finance Product Details

FHA Section 203(k) "Streamlined (K)" Limited Repair Program by On Q Financial
Lender: FHA Section 203(k) "Streamlined (K)" Limited Repair Program by On Q Financial
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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.
Property Types
Sponsor:
Financing Type
Financing & Payment Information
Rate (APR):
Market Rate
Term (years):
years
Minimum Amount:
$0
Maximum Amount:
N/A
Fees:
One-time fees
Down Pmt. Required:
No
Re-pmt. Method:
Unknown
Pmt Frequency:
Pre-pmt Penalty:
No
Allowable Projects
Other Program Requirements
Financing Approval Time
Equity in Property Needed
No

Other Variations of this product

FHA Section 203(k) "Streamlined (K)" Limited Repair Program by On Q Financial

Property Types
Sponsor
Financing Type Secured loan
Term (years) 30 year(s)
Rate (APR) Market Rate
Min. Amount $5,000
Max. Amount $35,000
One-time Fees Varies
Ongoing Fees No
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.