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Union Bank Launches MyCommunityMortgage® Loan Program
For Immediate Release
SAN FRANCISCO, CA, April 1, 2014 – Union Bank, N.A., today announced that it is now offering Fannie Mae’s MyCommunityMortgage loan program, a 30-year, fixed-rate residential mortgage designed to serve the needs of low- to moderate-income customers looking to buy a new home or refinance an existing mortgage.
The MyCommunityMortgage program features include:
- Reduced monthly mortgage insurance costs.
- No minimum borrower contribution required on certain transactions.###DISCLAIMER:Press Release - 4-1-2014_1###
- More down payment sources permitted.###DISCLAIMER:Press Release - 4-1-2014_2###
- Up to 95% financing allowed on purchases and limited cash-out refinances of single-family residences.###DISCLAIMER:Press Release - 4-1-2014_3###
The MyCommunityMortgage program has income eligibility requirements that are based on the Area Median Income (AMI) for the county or Metropolitan Statistical Area (MSA) where the property is located. In California, to qualify for a MyCommunityMortgage loan, the borrower’s annual household income can be up to 140 percent of the AMI for all counties where he or she is buying or refinancing. In Oregon and Washington, based on the county or city where the home is located, the borrower’s household income can be up to 100 percent to 120 percent of the AMI.###DISCLAIMER:Press Release - 4-1-2014_3###
Economic Opportunity Mortgage®
Since 1991, borrowers seeking financing on properties in a designated census tract, with limited resources, and/or little or no established credit have been able to purchase homes or refinance existing mortgages through the Union Bank Economic Opportunity Mortgage (EOM) program.###DISCLAIMER:Press Release - 4-1-2014_4###
Union Bank Mortgage Consultants and Community Loan Officers are familiar with the MyCommunityMortgage and EOM programs, as well as a variety of resources that are available to qualifying prospective homebuyers, such as down payment assistance programs offered by state housing financing agencies, state and federal grant programs, and homeownership counseling.
To learn more about the new Union Bank MyCommunityMortgage loan program or EOM program visit www.unionbank.com/mortgage or call 1-866-UB-LOANS.
About UnionBanCal Corporation & Union Bank, N.A.
Headquartered in San Francisco, UnionBanCal Corporation is a financial holding company with assets of $105.9 billion at December 31, 2013. Its primary subsidiary, Union Bank, N.A., provides an array of financial services to individuals, small businesses, middle-market companies, and major corporations. The bank operated 420 branches in California, Washington, Oregon, Texas, Illinois, New York and Georgia, as well as 2 international offices, on December 31, 2013. UnionBanCal Corporation is a wholly-owned subsidiary of The Bank of Tokyo-Mitsubishi UFJ, Ltd., which is a subsidiary of Mitsubishi UFJ Financial Group, Inc. Union Bank is a proud member of the Mitsubishi UFJ Financial Group (MUFG, NYSE:MTU), one of the world’s largest financial organizations. In July 2013, American Banker Magazine and the Reputation Institute ranked Union Bank #1 for reputation among its customers. Visit http://www.unionbank.com for more information.