Economic Opportunity Mortgage (EOM)###DISCLAIMER:2_0 Loans - Short-4###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 qualifying census area. EOM helps make home ownership more affordable. With reduced interest rates and no points required, EOM is the perfect home mortgage loan program that provides lower monthly payments versus traditional loan programs.
Eligible properties include:
- Single-family residences
- Two-to-four-unit properties
- Manufactured homes
Lower Up-Front Costs and Financing OptionsWith an EOM program loan, you can:
- Purchase a home with a low down payment: 95% financing options are available, depending on property type###DISCLAIMER:2_0 Loans - Short-4###
- Refinance and get up to 95% financing with no cash out or up to 80% financing with cash out, depending on property type###DISCLAIMER:2_0 Loans - Short-4###
- No private mortgage insurance (PMI) required
- Save with a lower origination fee versus traditional mortgages
Limited Credit History ConsideredIf you have a limited credit history, our EOM program allows for alternative non-traditional credit items to be considered, such as utility and rent payments, when making a decision on your loan.
Are You Eligible?You may be eligible for the EOM program if you meet one of the following requirements:
- Your property is located within a designated census tract; or
- Your annual household income falls below these Area Median Income levels for the county where the property is located:
- Less than or equal to 120% of the Area Median Income for all California counties and certain High Cost counties in Oregon and Washington; or
- Less than 80% of the Area Median Income for the non-High Cost counties in Oregon and Washington.
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