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Bank Of America Affordable Loans Solution

Techsparkle by Techsparkle
August 1, 2023
Reading Time: 1 min read
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Bank Of America Affordable Loans Solution

Bank Of America Affordable Loans Solution

Whats Affordable Homeownership Requirements?

Homebuyer education may be required for first-time homebuyers from a HUD-approved counseling agency

Income and loan amount limits apply and vary by location.

One-unit properties: up to 97% loan-to-value/105% combined loan-to-value.

Additional restrictions apply for 2-unit properties.

(CLTV > 95% requires secondary financing to be an affordable down payment assistance program.)

Loan amounts up to $647,200 with 3% down payment and up to $970,800 with 5% down payment in high-cost areas.

Mortgage insurance is required; however, it’s at a reduced cost compared to most conventional loans.

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