Bank of America Launches 3% Down Payment Mortgage
Bank of America, Self-Help Ventures Fund and Freddie Mac recently introduced the Affordable Loan Solution mortgage, a mortgage product that offers borrowers the option of putting as little as 3 percent down while not requiring mortgage insurance.
The loan is for low and moderate-income homebuyers, so an applicants’ income cannot exceed 100 percent of the area median income. Similarly, the loan amount can’t exceed the conforming limit of $417,000, and the purchased home must serve as the buyer’s primary residence. The last requirement is that borrowers have a minimum FICO score of 660.
story continues below
loading...story continues above
“There is a need in today’s marketplace for more responsible mortgage products that enable creditworthy homebuyers, who meet certain income limits and other requirements, to become homeowners at an affordable entry point with comprehensive counseling,” Bank of America’s D. Steve Boland said in a statement.
The Affordable Loan Solution mortgage will be available through all of Bank of America mortgage sales channels.
This article originally published at https://dc.urbanturf.com/articles/blog/bank_of_america_launches_3_down_payment_mortage/10907.
Most Popular... This Week • Last 30 Days • Ever
Back in 2022, the DC Zoning Commission gave the green light to a large mixed-use deve... read »
Opening for sales this spring, The Brownstones at Westbard Square will feature 101 ne... read »
Donohoe presented plans on Thursday evening for a new multi-family residential projec... read »
Even with two large apartment buildings delivering in Northern Virginia's National L... read »
The main story for the DC region's housing market in February was the supply of homes... read »
- Raze Application Looks To Pave Way For 700-Unit Development in Brookland
- Coming Soon: New EYA Brownstones at Westbard Square in Bethesda
- Early Plans Unveiled For 130-Unit Development in Friendship Heights
- 3 Down, 7 To Go: A Look At The Thousands of Units Coming to National Landing
- The Return of Supply And Four Other Interesting Stats From The February Housing Market
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Start browsing below!
First-Timer Primers
Intro guides for first-time home buyers
Unique Spaces
Awesome and unusual real estate from across the DC Metro