Salt Lake City-based Arrive Home has unveiled two new iterations of its Earned Equity Program (EEP) that seeks to expand homeownership access to underserved communities.
According to the company, the new EEP Pathway designed for “ITIN and certain Visa statuses individuals who may be solid long-term renters looking to move on to homeownership.” The program follows FHA guidelines but does not require a Social Security Number or FICO score, adding that it “has flexible guidelines for the self-employed.”
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 income and asset verification. The company added this program features an “asset-based risk model [that] 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,” said Arrive Home Chief Communications Officer Tai Christensen. “By bifurcating the program, we’re helping lenders identify potential borrowers who stand to benefit from EEP’s innovation and flexibility.”
