Are you an ITIN holder or a visa-status individual looking to transition from renting to homeownership? The EEP Pathway program might be just what you need. Following Federal Housing Administration (FHA) guidelines with added accessibility enhancements, EEP Pathway is designed for those who do not have a Social Security number or a FICO score. Additionally, the program offers flexible guidelines for self-employed borrowers.
If you’re a gig economy worker, a first-time homebuyer, or someone who didn’t qualify for a mortgage under traditional FHA guidelines, EEP DocLight could be the solution for you. This version of EEP utilizes an asset-based risk model that reviews profit-and-loss or bank statements without requiring tax returns or a FICO score.
In 2023, EEP was launched to provide borrowers with the opportunity to enter a homeownership agreement with monthly payments based on a 40-year amortization schedule. This unique approach allows individuals to reside in the home with the goal of eventually purchasing and assuming ownership.
With EEP, participants have the flexibility to buy the home at a predetermined price at any point during the contract term. This time can be used to enhance credit scores and overcome any barriers to qualifying for a traditional mortgage.
According to Tai Christensen, Chief Communications Officer of the company, the decision to introduce two versions of EEP was a strategic move to broaden access to the program. By offering tailored options, lenders can better identify potential borrowers who can benefit from EEP’s innovative and flexible features.