Economic Opportunity Mortgage® (EOM)###DISCLAIMER:2_0 Low Down Payment Loans###
The EOM program is designed for low- to moderate-income households who are interested in purchasing a home or refinancing their existing mortgage. It is also available for borrowers looking to purchase or refinance a property in a qualifying census tract. EOM helps make home ownership more affordable. With competitive interest rates and no private mortgage insurance (PMI) required, the EOM Program is a perfect home loan program that provides lower monthly payments versus traditional loan programs.
Eligible properties must be owner-occupied and include:
- Single-family residences
- Two- to four-unit properties
Lower Up-front Costs and Financing OptionsWith an EOM loan, you can:
- Purchase a home with a low down payment: 97% financing options are available, depending on property type###DISCLAIMER:2_0 Low Down Payment Loans###
- Refinance and get up to 97% financing with no cash-out or up to 80% with cash out, depending on property type###DISCLAIMER:2_0 Low Down Payment Loans###
- No PMI required
- Save with lower fees versus traditional loan programs
Limited Credit History ConsideredIf you have a limited credit history, our EOM program allows for alternative non-traditional credit items, such as utility and rent payments, to be considered when making a decision on your loan.
You may be eligible for the EOM program if you meet one of these two requirements:
Are You Eligible?
- Your property is located within a designated census tract; or
- Your annual household income falls below the Area Median Income levels for the county where the property is located.