Rehab Loan

What is a Rehab Loan?

A Rehab Loan is for fixer-uppers interested in a renovation project, big or small. It
can help you manage the high cost of home renovations and repairs with flexible and affordable options to give your home the TLC it needs.

The best thing is that it is one loan, closing, and payment for both the mortgage to purchase or refinance the home and the funds needed for improvements.

Who can benefit from Rehab Loans?

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Home buyers looking to take advantage of a low price on a home in need of repair or remodeling/updating

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Current home owners wanting to make improvements or upgrades to meet their family’s needs and increase their home’s value

What are my options?

On Q has loan programs that can handle most repairs. From roof repair or replacement to plumbing and electrical fixes, we have options to allow you to make your house your dream home!

On Q’s FHA 203(k) Renovation Loan Program is great for when you’re ready to purchase a home that might need some TLC, or fix up your own home during a refinance.

Features of the FHA 203(k) Renovation Loan Program

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15 and 30 year fixed-rate options

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Down payments as low as 3.5%

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1-4 unit properties are eligible*

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FICO scores as low as 620

The Fannie Mae HomeStyle Renovation Program

On Q’s Fannie Mae HomeStyle Renovation Program is a great option to those looking to purchase that home that needs repairs or additions to become a dream home!

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15 and 30 year fixed-rate options

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Down payments as low as 3%** on a 1- unit primary residence

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Down payments as low as 10% on a second home

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Primary, Second Home, and Investment Properties Allowed

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Renovation Financing Can Total Up to 75% of the As-Completed Value of the property

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Purchase and rate-and-term refinance options available

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FICO scores as low as 620

Contact a local Mortgage Consultant today to learn more about the Rehab Loan!

*Primary Residences only. Program not available in MA. Refinances not available in TX. Additional restrictions and requirements apply. **As long as 1 borrower is a first time homebuyer. Contact your Mortgage Consultant to learn more. On Q Financial, Inc. is an Equal Housing Lender, NMLS#5645.

Contact an On Q Mortgage Consultant to learn more about this unique home improvement loan product. Your perfect home could be as easy as a 203k loan with On Q Financial!

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