Union Bank Launches MyCommunityMortgage® Loan Program
PR Web |
The MyCommunityMortgage program features include:
• Reduced monthly mortgage insurance costs.
• No minimum borrower contribution required on certain transactions.1
• More down payment sources permitted.2
• Up to 95% financing allowed on purchases and limited cash-out refinances of single-family residences.3 "The MyCommunityMortgage program gives low- to moderate-income customers the opportunity to own a home, and reflects our commitment to provide mortgages that further meet the needs of homeowners in the diverse communities that we serve," said Executive Vice President
Since 1991, borrowers seeking financing on properties in a designated census tract, with limited resources, and/or little or no established credit have been able to purchase homes or refinance existing mortgages through the Union Bank Economic Opportunity Mortgage (EOM) program.4
1) Funds required to close may be gift funds from an eligible donor or from an approved Down Payment Assistance (DAP) program. Minimum credit score and other requirements apply. If these requirements are not met, a minimum 3% contribution from the borrower's own funds is required. 2) Additional sources of funds allowed for down payment include: Personal gifts or grants from a qualified entity, employer assistance, or Community Seconds® mortgages. 3) The MyCommunityMortgage program has income eligibility requirements that are based on the Area Median Income (AMI) for the county or Metropolitan Statistical Area (MSA) where the property is located. To qualify for a MyCommunityMortgage loan, the borrower's annual household income can be:
• Up to 140% of the AMI for all
• Up to 120% of the AMI for the
• Up to 120% of the AMI for the
• Up to 115% of the AMI for non-metropolitan counties in OR and WA
• Up to 100% of the AMI for the remaining counties in OR and WA MyCommunityMortgage® loans are available only for purchase transactions and no cash-out refinances that will be secured by the applicant's primary residence [property must be a SFR, PUD, condominium, or 2-4 unit residential dwelling (excluding co-ops and manufactured housing)]. MyCommunityMortgage loans are fully amortizing. Full documentation required. Loans subject to credit and collateral approval. Minimum credit score and reserve requirements may apply. Financing available for collateral located in CA, OR, or WA. Restrictions may apply. Rates, terms, and conditions subject to change. On purchase transactions and no cash-out refinances, 95% financing is available on single-family residences (excluding manufactured homes) and 2-unit properties. 80% financing is available on 3-4 unit properties. Private mortgage insurance is required for loans exceeding 80% LTV. IMPORTANT INFORMATION ABOUT THE ECONOMIC OPPORTUNITY MORTGAGE LOAN:
4) You may be eligible for the EOM program if you meet one of the following requirements: A) Your property is located within a designated census tract; or B) 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
• Less than 80% of the Area Median Income for the non-High Cost counties in
Economic Opportunity Mortgage loans are fully amortizing. Full documentation required. Loans subject to credit and collateral approval. Minimum credit score requirements apply for loans over 90% LTV. Financing available for collateral located in CA, OR, or WA. Restrictions may apply. Terms and conditions subject to change. On purchase transactions and no-cash-out refinances, 95% financing is available on single-family residences (excluding manufactured homes), PUDs, and condominiums; 90% financing is available on manufactured homes and 2-unit properties; and 80% financing is available on 3-4 unit properties. On cash-out refinances, 80% financing is available on 1-2 unit properties, and 75% financing is available on 3-4 unit properties.
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