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On Q Financial, Inc. knows that one size doesn't fit all when it comes to obtaining a mortgage. That is why we strive to provide a "Mortgages Simplified" experience and offer a wide array of loan products specific to Florida to help your buyers get into the home loan that meets their specific needs. NICHE/SPECIALTY LOAN PROGRAMS ESCROW HOLDBACK PROGRAM Are necessary repairs keeping your buyers from purchasing their dream home? Our Escrow Holdback Program can simplify the process by allowing them to make repairs required by an appraiser to their new home after the loan funds.
FHA 203K HOME LOAN Potential homeowners that want to purchase or refinance a home that needs work don’t always have the cash to make repairs. The 203(k) programs allows improvement costs to be rolled into the mortgage loan
HOME AFFORDABLE REFINANCE PROGRAM (HARP)* Let On Q show your borrowers with existing Fannie Mae or Freddie Mac loans that there are refinance opportunities for those who have demonstrated acceptable payment history but have been unable to refinance to obtain a lower payment or move to a more stable product.
MANUFACTURED HOMES Now your clients can benefit from the affordability and convenience of a doublewide manufactured home! On Q offers both conventional and FHA loans for existing or new constructions.
NON-WARRANTABLE CONDOMINIUMS Most lenders avoid these types of mortgage loans, but not On Q! Non-warrantable condominiums and Condo-tels are welcome. Unique programs exist for unique situations.
ONE-TIME CLOSE CONSTRUCTION LOAN PROGRAM This loan combines both interim construction and permanent financing into a single loan transaction, so your borrowers only have to qualify once (prior to the commencement of the loan construction phase). Help your clients get into the home of their dreams!
REVERSE MORTGAGES An experienced and attentive Reverse Mortgage team is ready and committed to doing only these types of loans, helping homeowners, 62 years and older, use their home equity to help supplement retirement. * Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes. If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites: www.freddiemac.com/mymortgage or http://www.fanniemae.com/loanlookup/.
FIRST-TIME HOMEBUYERS FHA 580 FICO SCORE Everyone knows that homebuyers can purchase a home with an FHA loan with only 3.5% down, but this flexible product with lenient qualifying criteria allows On Q to accept FICO scores as low as 580, with restrictions.
FHA NO FICO SCORE On Q understands that a person’s creditworthiness cannot always be deduced from a FICO score. We’re here to help get your client’s qualified with non-traditional credit evaluations. We use a minimum of 3 alternative credit references to evaluate your eligibility.
97% LTV OPTIONS The new 97% LTV financing for first-time homebuyers and refinance loans has created a lot of buzz in the mortgage industry. On Q is excited to offer these loans that can help a section of the market that would otherwise qualify for a mortgage, but need the flexibilty of a lower down payment.
JUMBO LOANS 50% DEBT-TO-INCOME (DTI) If you have potential homebuyers with up to 50% DTI they may be having some problems getting qualified. On Q Financial, Inc. may be able to help with a fixed-rate term for loans up to 1.5M. Primary Residence Purchase and Rate/Term transactions only.
FIXED-RATE UP TO 90% LTV Offers a 30 year, fixed-rate term for your jumbo sized loan up to 90% LTV with a $850K loan amount with mortgage insurance, OR up to 85% LTV with a $1M loan amount without mortgage insurance.
SHORT WAITING PERIODS, POST DEROGATORY CREDIT EVENT On Q understands the twists and turns your life may take. Qualify for a loan just 2 years from the completion of a Foreclosure or Chapter 7 or 11 Bankruptcy. Other derogatory credit events considered as well. As low as a 660 FICO accepted.
UP TO $4M FINANCING An ideal option for rate-sensitive borrowers! The interest rate will only adjust once every five years over the life of the loan with a 5/5 ARM. 15/15 ARM loan interest rate will only adjust 1 time over the life of the loan. Program offers a 30 year fully amortizing term.
UP TO 89.90% LTV WITH NO MORTGAGE INSURANCE (MI)! There’s nothing more attractive than putting less money down on a Jumbo sized loan unless it’s coupled with less down payment and NO MORTGAGE INSURANCE! On Q offers a wide array of these products, up to 89.90% LTV with NO MI!
DOWN PAYMENT ASSISTANCE PROGRAMS, GRANTS, BONDS, ETC. CITRUS COUNTY, FLORIDA NSP This local program for first-time homebuyers and move-up buyers offers up to 20% of the purchase price in down payment assistance when purchasing a newly renovated foreclosed home in Citrus County’s inventory of homes in Beverly Hills, Citrus Springs, and Inverness Highlands areas.
DREAM MAKERS GRANT PROGRAM On Q is proud to offer this true, non-repayable grant for Conventional, FHA or VA fixed-rate loan programs ranging from $1,000 to $5,000 in funds for Active Duty, Reserve, National Guard, or veteran military personnel who are first-time homebuyers and meet all of the qualifying criteria.
ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY
This local down payment assistance program helps eligible first-time homebuyers in Escambia County purchase a home. This DPA is a 30 year deferred payment on a loan up to $7,500 with a 0% rate, and is available with FHA, VA, and USDA mortgages.
SARASOTA, FLORIDA DOWN PAYMENT ASSISTANCE PROGRAM
Aimed at helping low-income, first-time homebuyers purchase a home by paying a portion of their down payment and closing costs with a 2nd lien of up to $30,000. It has a shared equity arrangement at 0% Rate with deferred payments.
SHIP CHARLOTTE COUNTY, FLORIDA DOWN PAYMENT ASSISTANCE PROGRAM
Designed to help qualified, low-to-moderate income homebuyers looking to purchase a home in Charlotte County by providing a forgiveable loan of up to $30,000. This loan has 0% interest and no monthly payment.
To learn more about specific programs or how we can help expand your business and make the best of your clients home buying experience, give me a call today.
On Q Financial, Inc. is an Equal Housing Lender. NMLS#5645 / Florida Lender #MLD358. Please consult an On Q Financial, Inc. Mortgage Consul-
tant for further information and questions pertaining to specific guidelines and requirements. These programs are subject to change without notice. Underwriting terms and conditions would apply to qualified borrowers. Some restrictions may apply. 068i0000001tYS5
FHA 203K HOME LOAN Potential homeowners that want to purchase or refinance a home that needs work don’t always have the cash to make repairs. The 203(k) programs allows improvement costs to be rolled into the mortgage loan
HOME AFFORDABLE REFINANCE PROGRAM (HARP)* Let On Q show your borrowers with existing Fannie Mae or Freddie Mac loans that there are refinance opportunities for those who have demonstrated acceptable payment history but have been unable to refinance to obtain a lower payment or move to a more stable product.
MANUFACTURED HOMES Now your clients can benefit from the affordability and convenience of a doublewide manufactured home! On Q offers both conventional and FHA loans for existing or new constructions.
NON-WARRANTABLE CONDOMINIUMS Most lenders avoid these types of mortgage loans, but not On Q! Non-warrantable condominiums and Condo-tels are welcome. Unique programs exist for unique situations.
ONE-TIME CLOSE CONSTRUCTION LOAN PROGRAM This loan combines both interim construction and permanent financing into a single loan transaction, so your borrowers only have to qualify once (prior to the commencement of the loan construction phase). Help your clients get into the home of their dreams!
REVERSE MORTGAGES An experienced and attentive Reverse Mortgage team is ready and committed to doing only these types of loans, helping homeowners, 62 years and older, use their home equity to help supplement retirement. * Freddie Mac and Fannie Mae have adopted changes to the Home Affordable Refinance Program (HARP) and you may be eligible to take advantage of these changes. If your mortgage is owned or guaranteed by either Freddie Mac or Fannie Mae, you may be eligible to refinance your mortgage under the enhanced and expanded provisions of HARP. You can determine whether your mortgage is owned by either Freddie Mac or Fannie Mae by checking the following websites: www.freddiemac.com/mymortgage or http://www.fanniemae.com/loanlookup/.
FIRST-TIME HOMEBUYERS FHA 580 FICO SCORE Everyone knows that homebuyers can purchase a home with an FHA loan with only 3.5% down, but this flexible product with lenient qualifying criteria allows On Q to accept FICO scores as low as 580, with restrictions.
FHA NO FICO SCORE On Q understands that a person’s creditworthiness cannot always be deduced from a FICO score. We’re here to help get your client’s qualified with non-traditional credit evaluations. We use a minimum of 3 alternative credit references to evaluate your eligibility.
97% LTV OPTIONS The new 97% LTV financing for first-time homebuyers and refinance loans has created a lot of buzz in the mortgage industry. On Q is excited to offer these loans that can help a section of the market that would otherwise qualify for a mortgage, but need the flexibilty of a lower down payment.
JUMBO LOANS 50% DEBT-TO-INCOME (DTI) If you have potential homebuyers with up to 50% DTI they may be having some problems getting qualified. On Q Financial, Inc. may be able to help with a fixed-rate term for loans up to 1.5M. Primary Residence Purchase and Rate/Term transactions only.
FIXED-RATE UP TO 90% LTV Offers a 30 year, fixed-rate term for your jumbo sized loan up to 90% LTV with a $850K loan amount with mortgage insurance, OR up to 85% LTV with a $1M loan amount without mortgage insurance.
SHORT WAITING PERIODS, POST DEROGATORY CREDIT EVENT On Q understands the twists and turns your life may take. Qualify for a loan just 2 years from the completion of a Foreclosure or Chapter 7 or 11 Bankruptcy. Other derogatory credit events considered as well. As low as a 660 FICO accepted.
UP TO $4M FINANCING An ideal option for rate-sensitive borrowers! The interest rate will only adjust once every five years over the life of the loan with a 5/5 ARM. 15/15 ARM loan interest rate will only adjust 1 time over the life of the loan. Program offers a 30 year fully amortizing term.
UP TO 89.90% LTV WITH NO MORTGAGE INSURANCE (MI)! There’s nothing more attractive than putting less money down on a Jumbo sized loan unless it’s coupled with less down payment and NO MORTGAGE INSURANCE! On Q offers a wide array of these products, up to 89.90% LTV with NO MI!
DOWN PAYMENT ASSISTANCE PROGRAMS, GRANTS, BONDS, ETC. CITRUS COUNTY, FLORIDA NSP This local program for first-time homebuyers and move-up buyers offers up to 20% of the purchase price in down payment assistance when purchasing a newly renovated foreclosed home in Citrus County’s inventory of homes in Beverly Hills, Citrus Springs, and Inverness Highlands areas.
DREAM MAKERS GRANT PROGRAM On Q is proud to offer this true, non-repayable grant for Conventional, FHA or VA fixed-rate loan programs ranging from $1,000 to $5,000 in funds for Active Duty, Reserve, National Guard, or veteran military personnel who are first-time homebuyers and meet all of the qualifying criteria.
ESCAMBIA COUNTY HOUSING FINANCE AUTHORITY
This local down payment assistance program helps eligible first-time homebuyers in Escambia County purchase a home. This DPA is a 30 year deferred payment on a loan up to $7,500 with a 0% rate, and is available with FHA, VA, and USDA mortgages.
SARASOTA, FLORIDA DOWN PAYMENT ASSISTANCE PROGRAM
Aimed at helping low-income, first-time homebuyers purchase a home by paying a portion of their down payment and closing costs with a 2nd lien of up to $30,000. It has a shared equity arrangement at 0% Rate with deferred payments.
SHIP CHARLOTTE COUNTY, FLORIDA DOWN PAYMENT ASSISTANCE PROGRAM
Designed to help qualified, low-to-moderate income homebuyers looking to purchase a home in Charlotte County by providing a forgiveable loan of up to $30,000. This loan has 0% interest and no monthly payment.
To learn more about specific programs or how we can help expand your business and make the best of your clients home buying experience, give me a call today.
On Q Financial, Inc. is an Equal Housing Lender. NMLS#5645 / Florida Lender #MLD358. Please consult an On Q Financial, Inc. Mortgage Consul-
tant for further information and questions pertaining to specific guidelines and requirements. These programs are subject to change without notice. Underwriting terms and conditions would apply to qualified borrowers. Some restrictions may apply. 068i0000001tYS5
