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Economic Opportunity Mortgage® (EOM)###DISCLAIMER:2_0 Loans - Short-4 - CA###

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 tract. EOM helps make home ownership more affordable. With competitive interest rates and no private mortgage insurance (PMI) required, the EOM program is the perfect home loan program that provides lower monthly payments versus traditional loan programs.

Eligible properties must be owner-occupied and include:
  • Single-family residences
  • Condominiums
  • Two- to four-unit properties
  • Manufactured homes

Lower Up-Front Costs and Financing Options

With 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 - CA###
  • 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 - CA###
  • No PMI required
  • Save with lower fees versus traditional loan programs

Limited Credit History Considered

If 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.

Are You Eligible?

You may be eligible for the EOM program if you meet one of these two requirements:
  1. Your property is located within a designated census tract; or
  2. 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.
To learn more about our EOM home loan program and other mortgage options for first-time home buyers or if you are purchasing or refinancing a property in a qualifying census tract, please visit your local Union Bank Mortgage Consultant or call Mortgage Direct 1-866-UB-LOANS today.
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