Becoming a homeowner can help secure your future. And the Community Affordable Loan Solution mortgage from Bank of America can help many more people and families do that.
Benefits of the new Community Affordable Loan Solution™ mortgage include:
No minimum credit score is required; however, applicants must meet credit history guidelines. Non‑traditional credit is allowed.
Homebuyers who have not owned a home in the past 3 years may qualify. Eligibility based on income and home location. Homebuyer certification course completion required prior to application.³
Down payment grants do not need to be repaid and vary by location:
$10,000 in Charlotte, NC, area; Dallas, TX, area; and in Wayne County, MI
$15,000 in Miami-Dade County, FL, and Los Angeles County, CA
Let’s talk soon
Give me a call to learn more about this new mortgage option for your clients. I’ll be happy to answer your questions and help you grow your business.
See if your client’s new home is eligible for the Community Affordable Loan Solution™ mortgage.
You are invited to apply. Your receipt of this material does not mean you have been prequalified or preapproved for any product or service we offer. This is not a commitment to lend; you must submit additional information for review and approval.
1
Maximum income and loan amount limits apply. Income cannot exceed 150% of the area median income limits, regardless of census tract income designation. Fixed-rate mortgages (no refinances), primary residences only. Applicants must have had no home ownership (sole or joint) in a residential property in the past 3 years. Only properties in eligible markets qualify. Refer to the Bank of America Real Estate Centerpage for information on eligible properties. Maximum loan-to-value (“LTV”) is 100% and maximum combined LTV is 106%; 2-4 units: 95%/106%. Max LTV equals the lesser of the purchase price or the appraised value minus the down payment grant amount. Any secondary financing must be from an approved Community Second Program. Bank-provided down payment funds vary by eligible market, can be applied toward down payment only, and do not require repayment. These funds cannot be combined with the Bank of America Down Payment Grant or America’s Home Grant. The down payment funds provided in the Community Affordable Loan Solution program (up to $10,000 or up to $15,000) may be considered taxable income. The borrower is not required to accept the down payment funds. A 1099-MISC will be issued. Consult with your tax advisor.
2
Bank of America will waive all lender closing costs. Borrower is responsible for other applicable costs such as insurance, property taxes, discount points, homeowner association dues, prepaid interest, etc.
3
All applicants must complete the Community Affordable Loan Solution Homebuyer Certification program (including one-on-one counseling) from an approved provider, prior to the application date. Proof of completion is required. Applicants must provide written consent permitting Bank and housing counseling provider to share their information after the loan closes. For the purchase of a 2-4 unit property, at least one qualifying applicant must have a certificate of completion from a Landlord Education program prior to final loan approval.
Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.
Community Affordable Loan Solution is a trademark of Bank of America Corporation. Bank of America’s Community Homeownership Commitment, Bank of America Real Estate Center, Bank of America and the Bank of America logo are registered trademarks of Bank of America Corporation.
THIS INFORMATION IS NOT INTENDED OR AUTHORIZED FOR CONSUMER DISTRIBUTION.
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