The right home financing is critical to becoming a successful homeowner. At Bank of America, we promise to offer consumers:
- Personal service provided by reliable mortgage loan experts who will work with homebuyers to explain loan options in clear terms so that they make choices that are right for them.
- Free homebuyer consultation and estimates, so consumers will know how much house they can afford before they begin looking.
Bank of America offers a variety of products and programs to help meet the home financing needs of more existing and potential home buyers.
Bank of America offers qualified borrowers a suite of affordable first lien mortgage solutions that require little down payment and feature flexible underwriting guidelines.¹
Affordable program highlights
- Industry standard FICO requirements
- Non-traditional credit
- High LTV/CLTV
- No Mortgage Insurance for some programs
- Flexible underwriting guidelines
- Credit Counseling required
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Bank of America offers affordable Federal Housing Administration (FHA) loan programs.
FHA program highlights - Upfront Mortgage Insurance Premium
- Industry standard FICO requirements
- Non-traditional credit
- High LTV
- Non-Occupant Co-Borrower
- Mortgage Insurance financed or paid in cash by applicant or seller
For individuals serving on regular active duty or have been discharged from regular active duty after January 1, 1950, Bank of America offers a similar safe and affordable financing option.
VA program highlights - No Mortgage Insurance Required
- Industry standard FICO requirements
- Non-traditional credit
- High LTV (100%)
- No Mortgage Insurance (VA guaranty for loans up to $417,000 - while VA loans do not have Mortgage Insurance, the borrower is required to pay a VA Funding Fee. This Fee is typically financed into the loan amount.
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Bank of America offers a wide array of conforming fixed and Adjustable Rate Mortgage (ARM) products to meet the financing needs of our borrowers. We offer flexible guidelines that help our customers achieve homeownership with the various Fixed and ARM product tools.
- Various down payment options
- Fixed rate terms (15, 20, 25, 30, 40 year options)
- ARM terms (5, 7, 10 year options)
- Non-traditional credit
- Reduced mortgage insurance (MI)
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Bank of America offers a wide array of non-conforming fixed and Adjustable Rate Mortgages (ARM) that meet the home financing needs of our borrowers. Fixed rate loans offer the stability of a fixed interest rate with fixed principal and interest payments over the life of the loan. Adjustable Rate Mortgages with initial fixed periods (fixed period ARMS) offer monthly mortgage payments that are typically lower during the fixed period of the loan, with adjustable-rate and payments after the end of the fixed period.
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Bank of America offers a program designed to help teachers, police officers, firefighters, medical workers and related occupations overcome the high cost of homeownership by reducing the cash needed to purchase a home. This unique program also provides Accidental Death and Dismemberment insurance, for the first mortgage, with premiums paid by Bank of America. This program features the following flexible underwriting guidelines²:
- Little down payment required. After any minimum borrower contributions are made, remaining expenses may come from a gift or other sources.
- Flexible credit guidelines. Nontraditional credit, nontraditional sources of income and down payment assistance programs approved by Bank of America may be considered.
- Accidental Death and Dismemberment Insurance, with premiums paid by Bank of America. This loan features insurance coverage for the first two listed borrowers, provided by Minnesota Life Insurance Company. Should a borrower suffer a covered accidental loss of life, limb, sight or hearing, these insurance benefits will pay the loan in full or in part, depending on the type of loss and the loan balance.²
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Bank of America participates in over 1,500 affordable housing programs. The most common are down payment assistance and bond programs.
The down payment assistance programs (DAPs) provide funds to low- and moderate-income families and first time homebuyers for home purchase. The programs generally provide down payment and closing cost assistance, and repayment is often with favorable terms or, in some cases, fully forgiven. Other types of affordable housing programs include mortgage credit certificates, also known as MCC's, grants from nonprofits or government agencies, inclusionary zoning, employer assisted housing and others.
Bank of America also participates in state and local mortgage revenue bond programs that generally provide below market interest rates to first-time homebuyers and sometimes offer a grant or second mortgage assistance. Bond loans are first mortgages that are underwritten to Fannie Mae, Freddie Mac, FHA and/or VA guidelines that result in significant community lending production.
Approved affordable housing programs can be provided by a city, county or state agency. Call them directly to get information on their first-time homebuyer or affordable housing loan programs. Or contact us and we will align you with the appropriate mortgage professional.
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Bank of America offers a convenient way for homeowners age 62 and older to access a portion of the available equity in their home while maintaining homeownership. Seniors can use the funds as they want and make no monthly reverse mortgage payments.³
Reverse Mortgage program highlights:
There are no income or credit score qualifications. The loan amount is determined by several factors, including:
- Homeowner’s age — all homeowners must be at least age 62
- Current appraised market value of the home
- Current interest rate
To learn more, please contact 1.866.293.2097.
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¹Certain exclusions, conditions, and limitations apply. In New York, insurance is provided by Securian Life Insurance Company, an affiliate of Minnesota Life Insurance Company. Premiums paid by Bank of America may be taxable. Please consult your tax advisor for further information.
²Homebuyer education may be required. Owner-occupied only. Maximum loan amounts may apply. Ask for details. Certain exclusions, conditions, and limitations apply. In New York, insurance is provided by Securian Life Insurance Company, an affiliate of Minnesota Life Insurance Company. Policy provisions provide for this offer. Premiums paid by Bank of America may be taxable. Borrower(s) should consult their tax advisor for further information.
Insurance Products are: NOT A DEPOSIT • NOT FDIC INSURED • NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY • NOT GUARANTEED BY A BANK • NOT A CONDITION TO THE PROVISION OR TERM OF ANY BANKING SERVICE OR ACTIVITY
³Not available in all states. Property Insurance is required, flood insurance when necessary. Credit is subject to age and property qualifications.
© 2009 Bank of America Corporation
Some restrictions apply. Credit and collateral are subject to approval. Terms and conditions apply. Programs, rates, terms and conditions are subject to change without notice.
See Bank of America for details. Bank of America, N.A. Member FDIC. Equal Housing Lender  |