Posted on February 27, 2014 - 10:43 AM
by Mandy Tanberg
I just researched a great loan program... It is called an EOM- Economic Opportunity Mortgage. It is a 5% down product without any mortgage insurance. This is a fantastic option in lieu of the FHA loan with mortgage insurance that never goes away.
Here are some of the details:
·95% for both purchases and refinances (must be their 1st/only property)
·Loan amount limit is the high cost limits per county. (417k or 625,500).
·Lender fee $295 (reduced from $1195 on EOM)
·Condo’s don’t need to be FHA/Fannie Approved
·No Mortgage Insurance—competes with rising FHA premiums
·Max DTI of 38/44
·No need to count spouse’s debt or FICO or income, if not on the loan.
If you have questions, please give me a call or shoot me an email. I can get you in touch with a lender offering the product.