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.
“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 http://dc.urbanturf.com/articles/blog/bank_of_america_launches_3_down_payment_mortage/10907
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