Arrive Home, a national affordable housing program in the lending space that offers down payment assistance and innovative credit solutions for responsible borrowers across communities, has launched two new earned equity products as alternative paths toward homeownership for underserved borrowers.
The company’s Earned Equity Program, which helps consumers achieve their homeownership goals through a long-term purchase contract, is now available in two separate products designed for two different groups of borrowers.
EEP Pathway is ideal for ITIN and certain Visa statuses individuals who may be solid long-term renters looking to move on to homeownership. The program, which follows FHA guidelines with enhancements for accessibility, does not require a Social Security Number or FICO score and has flexible guidelines for the self-employed. Using EEP Pathway, lenders can serve ready-to-buy borrowers with confidence.
EEP DocLight is designed to help gig workers, first-time buyers and those who may not have qualified for a mortgage under traditional FHA guidelines. The program assesses borrowers using FormFree’s RIKI tool for smart, flexible income and asset verification. EEP DocLight’s asset-based risk model reviews P&L or bank statements but does not require tax returns or a FICO score, making it a solid choice for non-traditional earners looking to buy a home.
“Launching two versions of EEP was a natural next step to expanding access to the program for more Americans looking to achieve their dream of homeownership,” says Tai Christensen, chief communications officer for Arrive Home, in a release. “By bifurcating the program, we’re helping lenders identify potential borrowers who stand to benefit from EEP’s innovation and flexibility.”