Economic Opportunity Mortgage. Low down payment, No Mortgage Insurance loan.

Economic Opportunity Mortgage. Low down payment, No Mortgage Insurance loan VA Home Loan - Zero Down & Zero Closing CA VA Mortgage for CA Veterans So Cal VA Homes

Economic Opportunity Mortgage. Low down payment, No Mortgage Insurance loan. video duration 6 Minute(s) 6 Second(s), published by Andres Morales on 19 04 2018 - 03:33:46.

Frequently asked questions 1
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Frequently asked questions

1. What is the 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, two- to four-unit properties, or manufactured homes.1

2. Who is eligible for this program?
You may be eligible for the EOM program if you meet one of the following requirements:

Your annual household income falls below these HUD Median Income levels for the county where the property is located:
Less than or equal to 120% of the HUD Median Income for all California counties and certain High Cost counties in Oregon and Washington; or
Less than or equal to 80% of the HUD Median Income for the non-High Cost counties in Oregon and Washington.
OR

If the property is located in a designated low-income census area, there is no income limit requirement
See #10 for some sample maximum mortgage eligibility income limits by county.

3. Is the EOM available for both owner-occupied purchase and refinance transactions?
Yes, the EOM is available for both owner-occupied purchase and owner-occupied refinance transactions.

4. Is private mortgage insurance required?
Private mortgage insurance is not required with an EOM, even if the loan-to-value ratio is greater than 80 percent.2

5. Do I have to pay points to get the loan?
There are no points required with an EOM.

6. Is there an origination fee?
There is no origination fee for EOM loans. However a non-refundable $550 application fee is required.

7. Can I have my mortgage payment automatically deducted from my account?
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.

8. Do I have a choice of loan options?
Yes. With an EOM, you can lock in a fixed rate for a term of 15, 20, 25, or 30 years.3

9. What is the maximum amount I can borrow?
In most counties, the following are the maximum EOM loan amounts:
1-unit properties - $500,000 purchases/$424,100 refinances
2-unit properties - $543,000
3-unit properties - $656,350
4-unit properties - $815,650
Enhanced loan amounts available in certain counties on single family residences, PUDs, condominiums, and two-unit properties (additional requirements apply). Some examples include:

California
$636,150 - Alameda, Contra Costa, Los Angeles, Marin, Orange, San Benito, San Francisco, San Mateo, Napa, Santa Clara and Ventura
$598,000 - Santa Barbara
$586,500 - San Luis Obispo
$612,950 - San Diego
$636,150 - Santa Cruz
$529,000 - Mono
$595,700 - Sonoma
$575,000 - Monterey
Washington
$592,250 - King, Pierce and Snohomish
$500,000 Purchase / $483,000 Refinance - San Juan
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10. What are some sample maximum income limits by county?
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 Ricardo Hernandez NMLS #248859 with Caliber Home Loans at 310-283-5410 and provide the address of the property you wish to purchase or refinance.

County Maximum Income Limit
Alameda, CA $116,880
Contra Costa, CA $116,880
Fresno, CA $60,000
King, WA $115,200
Marin, CA $157,800
Orange, CA $105,600
San Diego, CA $95,160
San Francisco, CA $135,720
San Mateo, CA $135,720
Santa Clara, CA $135,960
Snohomish, WA $115,200

11. What if my income is too high?
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 Ricardo Hernandez NMLS #248859 with Caliber Home Loans at 310-283-5410 and he will be glad to check the property census area for you.

12. How can I learn more?
Call Ricardo Hernandez NMLS #248859 with Caliber Home Loans at 310-283-5410 Monday through Friday, from 8:00 a.m. to 6:00 p.m. Pacific Time.

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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 Javier Brambila at 714-669-8195

If you have real estate questions or need to sell a home, please call me.

Andres Morales
US NAVY Veteran
Real Estate Broker
California Lic# 1343492
Washington Lic#26636
Florida Lic# BK3359104
thankyou@andresmorales.com
www.andrescanhelp.com
instagram: @_andres_._morales_

949-306-9260 Direct
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Suite 158
Tustin, CA 92780