Bank of America offers credits, fee waivers to expand mortgages to more borrowers
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Bank of America is upping the ante on its efforts to extend mortgages to more cash-strapped homebuyers and that includes $0 lender origination fees and credits that don’t have to be repaid to borrowers with certain no- or low-down payment mortgages.
The goal is to help homebuyers who may not have a lot of up-front cash to pay the initial homebuying costs get into a mortgage they’re perfectly capable of repaying.
The new $0 lender origination fee program is available to borrowers who apply for a mortgage through Bank of America by Oct. 31, 2019. The offer applies to four loan programs: government-insured VA and FHA loans, Bank of America’s Affordable Loan Solution mortgage and the Freddie Mac HomePossible mortgage.
Borrowers can combine the limited-time offer (or use it individually) with one of the following loan programs:
America’s Home Grant program — Newly expanded, this Bank of America program now offers a lender credit of up to $7,500 that doesn’t have to be repaid. The credit can be used to permanently buy down the interest rate or towards non-recurring closing costs, such as title insurance and recording fees, or to permanently buy down the interest rate. The grants are available in 39 markets and will be expanded nationwide.
Affordable Loan Solution mortgage — This fixed-rate mortgage is Bank of America’s own 3 percent down payment mortgage for low- and moderate-income borrowers. It offers a competitive rate and doesn’t require mortgage insurance.
Freddie Mac HomePossible mortgage — Backed by one of the nation’s two mortgage powerhouses, this fixed-rate loan features a down payment as low as 3 percent and lower-cost mortgage insurance.
The announcement comes just weeks after Bank of America announced an investment of $5 billion into its Neighborhood Solutions program. The goal is to help more than 20,000 low- and moderate-income borrowers buy a house by giving them up to $10,000 toward down payment or closing costs. With the exception of VA and FHA loans, the Neighborhood Solutions program also can be combined with the same loan programs listed above.
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