Bank of America Doubles Down on 3% Down Mortgages without Insurance
According to Housing Wire, earlier this year Bank of America, in partnership with Freddie Mac and Self-Help Venture Fund, began offering mortgages that only required consumers to put down 3% and did not require the consumers to obtain mortgage insurance either. The program, called the “Affordable Loan Solution” mortgage, is a conforming loan that provides low and moderate income home buyers access to a responsible lending product with counseling at affordable entry prices.
Several articles have been written recently about this program. What caught my attention was that Bank of America was immediately selling these loans and that they have 3 or 4 parties involved in these transactions. Is this “deja vu” all over again?
You can judge for yourself. Read the entire article here:
www.housingwire.com/articles/38336-bank-of-america-doubles-down-on-3-down-mortgages-without-insurance?eid=311699753&bid=1564779#WAvKQ…