Eagle Community Loan Program By (First Republic Bank) Everything You Need to Know

Home loan (Eagle Community Loan Program) is a type of financing option primarily offered by first republic bank.

First Republic Bank’s Eagle Community is a unique loan program whose primary objective is to promote economic growth and community development by providing home loans to various individuals.

The eagle community home loan program is designed to help people from disadvantaged communities become homeowners, acquire and construct affordable rental housing.

Which has a dedicated team of regional community outreach relationship managers. Which is a key focus point for reaching out specifically to these communities.

If you decide to buy, build, or refinance a home in one of First Republic Bank’s designated communities, you can benefit from the Eagle Community Loan Program.

Here you can learn in detail about what is eagle community loan program and how it works and how it differs from other loans and make an informed decision.

What is Eagle Community Loan Program?

The Eagle Community Loan Program is a type of home loan offered by First Republic Bank to purchase or refinance housing in its designated areas. It typically offers competitive rates compared to other loans allowing many individuals the opportunity to refinance and become homeowners.

The Eagle Community Loan Program is a pioneer in low-income housing tax credit investments to subsidize the acquisition, construction and rehabilitation of affordable rental housing. Who, through their lending and investment activities, create, preserve, and refinance affordable housing in their communities so that every person has the opportunity to become a homeowner.

If you are a high-income home buyer looking to purchase or refinance an expensive property, the eagle community loan program may be a good option. Because in this you can be able to choose fixed-rate and adjustable-rate as per your requirement. And can avail waiver of non-recurring closing costs on various charges.

First Republic Bank Eagle Community Loan Program Info:

Loan Name:	Eagle Community Loan Program
Loan amount:	$500,000-$3,000,000
Powered by:	First Republic Bank
CEO:	Michael J. Roffler
Type:	Home loan
Founded:	2015
Total Amount Given:	$4.6 billion
Total Loans Provided:	More than 10,400
Rating:	Consistently Satisfactory for 30 Years
Headquarters:	111 Pine StreetSan Francisco, CA 94111
Customer Care Number:	(888) 408-0288

How does Eagle Community Loan Program Work?

The Eagle Community Loan Program is primarily administered by First Republic Bank. Which is available to those persons in the first republic census tracts who have applied for it individually. This is an attractive program that includes fixed rates, no prepayment penalty and non-recurring closing costs.

first republic bank eagle community loan program The property serves as collateral to secure the loan. In which the borrower may agree to make payments to the lender over time. In addition to home loans, First Republic generally offers personal money management and checking accounts, just like other banks.

So that borrowers can easily split the principal amount and interest rates. Individuals primarily required to avail of the eagle community loan program must apply online and ensure that they meet various requirements including minimum credit score and down payment.

First Republic Bank Eagle Community Loan Program History

First Republic Bank is a publicly traded company. Which is mainly located in San Francisco. The eagle community loan program was established in 2015 by First Republic Bank. Which is controlled by a dedicated team of first republic regional community managers.

Since launch, as of June 30, 2016, First Republic has disbursed approximately 200 eagle community loans, which has since disbursed over 10,400 home loans, with approximately 55% of loan recipients being minority individuals.

In 2021, First Republic dedicated approximately $4.7 billion of loan and investment capital to support its communities, equivalent to 2.8% of its total assets. Similarly, First Republic is proud to have achieved satisfactory ratings for 30 consecutive years for supporting its communities.

Eagle Community Loan Program Requirements

The Eagle Community Loan Program primarily features home purchases and refinancing other home loans. If you are purchasing a home or planning to refinance a home loan, you may be eligible.

Whether you are a small business owner, a first-time entrepreneur, an employee or any other entrepreneur you can contact the eagle community loan program to avail a loan under the program. And you can fulfill your dream of becoming home owner.

Eagle Community Loan Program Application Process

The application process for the eagle community loan program is very simple compared to other loans. For this loan you have to apply online. Below is the step-by-step process.

1. To start, first open any browser.
2. After that go to the official website of first republic.
3. After visiting the official website, contact the Partner Relationship Manager.
4. They may ask you for some necessary documents, like your residence details and your personal information etc.
5. Once you provide all the required details, then if you are eligible for the loan.
6. So the team of eagle community loan program will come to you and provide you loan based on your property.

First Republic Eagle Community Loan Rates

Usually the interest rates of eagle community loan program are based on the loan amount. Their rates are very competitive compared to other loans. But it is important to note that the impact of this program may vary depending on the specific terms and conditions of the loans offered.

Their business model appears to be targeting specific customers. They offer a 2.61% 30-year fixed rate refinance. Where they will also provide you with up to $7K non-recurring closing cost credit. But this requires you to open a checking account and maintain an average monthly balance of $3,500.

Eagle Community Loan Program Income Limits

The eagle community loan program does not provide much information about income limits. But it asks borrowers to maintain an average monthly balance of $3,500 after opening a checking account. This typically involves automatically authorizing monthly loan payments. In which this bank applies a reduction of 0.20% on the interest rate.

Eagle Community Loan Program Areas

Eagle Community Loan Program provides loans primarily in its designated areas. First Republic’s Eagle Community offices are located in a total of seven states,

Which includes its three largest markets, New York, California and Massachusetts. Where its eagle community loan program accounts for more than 90 percent of the total outstanding loans.

Important information: Keep in mind if you live in any other state outside of First Republic’s local branches. Where there is no access to first republic you may not be eligible for the eagle community loan program. Because first republic bank provides eagle community service only in some of its selected designated areas.

Eagle Community Loan Program Pros & Cons

Pros:

• BBB rating of A+;
• fast approval;
• fixed-rate;
• Can get adequate property loan;
• Waiver of non-recurring closing costs;
• Mortgage calculators and tools are available free of charge;
• Excellent customer service;
• No prepayment penalty;

Cons:

• Branches are in limited areas;
• Interest rates may be higher;
• Customer reviews are low;

Eagle Community Loan Program Reviews

The Eagle Community Loan Program is primarily designed for home loans which is a direct lender of First Republic Bank. To avail eagle loan you have to personally visit their designated branch and get physical access from there. You will have a dedicated relationship manager to guide you throughout the application process.

The eagle community loan program allows borrowers to apply for loan amounts up to $3,000,000. Which helps borrowers to get adequate loan for their property. But unfortunately their branches are located in only a few states. If you live in another state outside their reach, you may not be eligible.

All things considered, it can be a good option for home buyers in accessible areas. Which will provide each borrower with a waiver of up to $7K of non-recurring closing costs. Additionally, First Republic has the ability to lock in interest rates before construction begins, protecting yourself from future rate increases.

First Republic Bank Eagle Community Loan Program FAQ’S

Important Links:

First Republic	Check here
Contact details	Check here
Home page	Check here

Bottom Line:

The eagle community loan program is a type of financing for individuals wishing to become homeowners. If you are looking to purchase or refinance a primary or secondary home, this may be a good option for you. First Republic Bank gives borrowers access to affordable loans with low interest rates and low monthly payments.

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