Arrive Home has launched two new iterations of its Earned Equity Program (EEP), which helps consumers achieve homeownership through a long-term purchase contract.
The program is now available through two separate products designed for different groups of borrowers: EEP Pathway and EEP DocLight.
EEP Pathway is ideally suited for individual tax identification number (ITIN) holders and certain visa-status individuals who may be long-term renters looking to move into homeownership. It follows Federal Housing Administration (FHA) guidelines with enhancements for accessibility and does not require a Social Security number or a FICO score. The program also has “flexible guidelines” for self-employed borrowers.
EEP DocLight is designed to help gig economy workers, first-time homebuyers and those who may not have qualified for a mortgage under traditional FHA guidelines. EEP DocLight’s asset-based risk model reviews profit-and-loss or bank statements, but it does not require tax returns or a FICO score.
“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,” Tai Christensen, the company’s chief communications officer, said in a statement. “By bifurcating the program, we’re helping lenders identify potential borrowers who stand to benefit from EEP’s innovation and flexibility.”
Launched in 2023, EEP allows borrowers to enter into a homeownership agreement with monthly payments governed by a 40-year homeownership agreement amortization schedule. This allows them to live in the home with the intention of eventually buying and assuming control of it.
At anytime during the contract term, the participant may purchase the home at a predetermined price, using the period to improve their credit and address any obstacles to qualifying for a traditional mortgage.
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