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Access to an affordable home loan for LMI borrowers
Thursday, March 03, 2016
Low to moderate-income families with few mortgage choices now have access to a new affordable home loan program with low downpayments and no mortgage insurance requirement.
The Affordable Loan Solution mortgage features home loans of up to $417,000 with:
- Down payments as low as three percent (3%)
- Credit histories with non-traditional employment or forms of credit (rent payments, utility bills)
- No private mortgage insurance
- Interest rates below FHA and Fannie Mae or Freddie Mac loans (around 5% currently)
- Homeownership counseling for first-time homebuyers
Borrowers may find homeownership affordable since this program saves them up to hundreds of dollars a month in private mortgage insurance (PMI) and allows parents and others to contribute to the downpayment and closing costs.
This new program is available through a partnership with Self-Help Credit Union, Bank of America, and mortgage investor Freddie Mac.
Homebuyers may apply for the Affordable Loan Solution mortgage at Bank of America branches across the country. Click here for more information or call (866) 466 -0979.
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