Economic Opportunity Mortgage® (EOM)
Designed for low- to moderate-income households, or homeowners purchasing or refinancing a property in a qualifying census area, an EOM is a home loan program that helps make home ownership more affordable. With reduced interest rates and no points required, an EOM offers lower monthly payments than traditional loan programs for eligible properties and borrowers, including single-family residences, condominiums, or two- to four-unit properties.
You may be eligible for the EOM program if you meet one of the following requirements:
1. Your annual household income falls below these HUD Median Income levels for the county where the property is located:
2. If the property is located in a designated low-income census area, there is no income limit requirement
See other items for some sample maximum mortgage eligibility income limits by county.
Yes, the EOM is available for both owner-occupied purchase and owner-occupied refinance transactions.
Private mortgage insurance is not required with an EOM, even if the loan-to-value ratio is greater than 80 percent.
There are no points required with an EOM.
There is no origination fee for EOM loans. However a non-refundable $550 application fee is required.
Yes, we can set up monthly automatic payments from your Union Bank checking or savings account. When you do, you will receive a $75.00 credit toward your closing costs.
Yes. With an EOM, you can lock in a fixed rate for a term of 15, 20, 25, or 30 years.
In most counties, the following are the maximum EOM loan amounts:
Enhanced loan amounts available in certain counties on single family residences, PUDs, condominiums, and two-unit properties (additional requirements apply). Some examples include:
Here is a sampling of counties and their corresponding maximum income limits for home loan eligibility. Although we cannot list all the applicable census areas here, we can look up an area for you. Simply give us a call at 1-866-UB-LOANS and provide the address of the property you wish to purchase or refinance.
County - Maximum Income Limit
If your property falls within a designated census area, you may still qualify for the EOM program even if your income is higher than the maximum limit. Call us at 1-866-UB-LOANS and we’ll be glad to check the property census area for you.
Call us at 1-866-UB-LOANS Monday through Friday, from 8:00 a.m. to 6:00 p.m. Pacific Time, and Saturdays from 9:00 a.m. to 1:00 p.m.