Home | Newsletter | Advertise
loading...

Bank of America Launches 3% Down Payment Mortgage

  • February 23rd 2016

by UrbanTurf Staff

Bank of America Launches 3% Down Payment Mortgage: Figure 1

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 https://dc.urbanturf.com/articles/blog/bank_of_america_launches_3_down_payment_mortage/10907.

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

Red Flags Revealed During a Home Inspection Top 5 Tax Breaks For Homeowners Tax Relief for DC Homeowners
Condo Fee Tutorial What is a Rent Back? 10 Ways To Tell If a Home Renovation is Well Done
Obtaining a Basic Business License For Your Rental What is an Adjustable Rate Mortgage? The Splitting the Rent Formula
How Much Cash Do You Need to Buy a House? Is This Condo Building Financially Healthy? Interest Rates and Mortgage Points
The Scoop on Mortgage Insurance

Unique Spaces

Awesome and unusual real estate from across the DC Metro

The Most Intriguing Loft in DC The R Street Firehouse DC’s One-Room House
Dupont Circle’s Old Frat House To Become Alley Home Best Transition From a Garage To a Home The Roundhouse
Tilden Gardens Restaurant-Turned-Home Hits Market Next Week Logan Circle’s Most Intriguing Garage Frank Lloyd Wright Goes Green in Kensington
Sears Bungalow Gets a Modern Makeover Old Town General Store Becomes Three-Level Home Making the Most of a Skinny House
A Studio 27 Renovation on Capitol Hill Once a Carriage House, Now a Home The Bank that Became a Home
From Pie to Hooch to Heroin to Home The Live-Aboards of Gangplank Marina A Treehouse with Rock Creek Park As A Backyard
Modern Tranquility in Sperryville Saddle Up For Stable Living Throwing a Curve at 550 Square Feet
A Modern Hilltop Retreat Tilden Street Restaurant Becomes Spacious Home Focus on Design: A Vastu Unit at 22 West
The DC Area’s First Net Zero Home A Yankee Goes Green DC’s First Carbon Neutral Home
Eco-Friendly Alley House Off H Street The Gym, The Stables and The Firehouse