Items Tagged with 'Affordable Loan Solution'

ARTICLES

  • Bank of America doubles down on 3% down mortgages without insurance

    Expands "Affordable Loan Solution" for low- and moderate-income homebuyers
    Earlier this year, Bank of America, in partnership with Freddie Mac and Self-Help Ventures Fund, began offering mortgages that only required consumers to put down 3% and did not require the consumers to obtain mortgage insurance either. Bank of America said Thursday that the "Affordable Loan Solution" program is proving so successful in its first few months that the bank is doubling its annual commitment to the program – from $500 million to $1 billion.
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  • BofA's low-down payment promising but what about the FHA?

    Urban Institute: It's not a substitute
    Ever since Bank of America announced its new 3% down payment mortgage program, the Affordable Loan Solution, it’s being looked at as an effort for borrowers to skirt around the Federal Housing Administration. Urban Institute research associate Karan Kaul says that though such efforts are an alternative to FHA lending, they are not a substitute.
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  • Bank of America now offers 3% down mortgages without mortgage insurance

    Partners with Freddie Mac, Self-Help Ventures Fund
    Bank of America unveiled a new affordable mortgage program that offers consumers the option of putting as little as 3% down and requires no mortgage insurance. The program does not involve the Federal Housing Administration, whose program has recently undergone a lot of scrutiny from big banks.
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