Introducing EOM loan (Economic Opportunity Mortgage)!!!
Here are the Highlights of EOM loans:
• MINIMUM 5% DOWN PAYMENT
• 620 fico score, minimum
• Loans up to $625,500
• No Mortgage Insurance required on these loans
• Owner occupied properties only
• For condos, no HOA cert or supporting HOA docs are required
• Single family homes, condos and only – no multi-unit properties
• 30 or 15 year fixed options only
• Buyers qualify for this either meeting an income limitation (LA county is $77,760 maximum income) or the property is in an approved census tract for this financing; other counties have different income limits, so let me know if you’re looking in another county
• No prepayment penalty
• No separate condo insurance (H0-6) is required for the buyer
Lately, due to the bank’s reluctance to make home loans with less than 10% down payment, the only option available if you don’t have tens of thousands of dollars saved up in your banking is to do an FHA loan (Federal Housing Administration mortgage insurance backed mortgage loan which are provided by FHA-approved lenders). FHA loans only require a minimum of 3.5% down payment BUT they have much more stringent scrutiny than conventional loans AND they require mortgage insurance (with less than 20% down payment) which can be very expensive.
Good news! There is a new “loan product” that is very exciting and which is great for buyers with lower down payments.
If you have been contemplating buying a small house or a condo (or if you know someone who is), with a low down payment, EOM loan is a great solutions and can help you get you become a homeowner with as little as 5% down!!
For example: $400,000 purchase price – Minimum down payment $20,000
If you have any questions, please do not hesitate to call or email me at email@example.com