*Up to $15,000 in Down Payment Assistance!
*Eligibility is based on income and home location. Homebuyer certification course completion required prior to application.
*First-Time Homebuyer | Credit History Taken Into Account | No Minimum Credit Score
The goal of Community Affordable Loan SolutionTM is to give customers who have never imagined themselves as homeowners access to homeownership. Credit. org and Bank of America have partnered to provide pre-purchase counseling and homeowner education to first-time homebuyers.
1. Maximum income and loan amount limits apply. Fixed-rate mortgages (no cash out refinances), primary residences only. Certain property types are ineligible. The highest loan-to-value (%E2%80%9CLTV%E2%80%9D) is 2097%, and the highest combined LTV is 20105%. Regarding LTV Homebuyer education may be required. Other restrictions apply.
2. Programs for assistance with closing costs and/or down payments might not be offered in your area. The amount of the down payment and/or closing cost assistance may be required at the time of the loan’s sale, refinance, transfer, repayment, or assumption of the senior mortgage. Certain programs necessitate interest-bearing repayment, so borrowers should be fully informed before closing. Not all applicants will qualify. Minimum credit scores may apply. Sales price restrictions and income requirements may apply. Homebuyer education may be required. Owner-occupied properties only. Maximum loan amounts may apply.
3. There are two types of mortgage insurance premiums that are applicable: monthly (MIP) and upfront (UFMIP). Maximum loan amounts vary by county.
4. The VA funding fee is applicable, unless otherwise specified by VA guidelines. A zero-down payment carries a higher fee, and each county has a different maximum loan limit. If a down payment of five percent or more is received, the fee is waived. The VA funding fee is non-refundable. Ask for details about eligibility, documentation, and other requirements.
To obtain your pre-purchase certificate, work with a HUD Certified Housing Counselor.
Pre-purchase counseling sessions include the following:
- Budget Assessment
- Housing Analysis
- Homebuyer Education
- Next Steps in Your Homeownership Journey
Following successful completion of pre-purchase counseling and homeowner education (which may require several sessions), you can get a certificate from the Community Affordable Loan Solution.
To View Eligible Los Angeles Country Properties, Click the Button Below.
FAQ
Is the community affordable loan solution a special purpose credit program?
A special purpose credit program called the Community Affordable Loan Solution bases credit guidelines on timely payments for things like rent, utilities, phones, and auto insurance.
Is NACA only for people of color?
As long as they follow our eligibility requirements, policies, and procedures, NACA is available to everyone, regardless of their income or preferred place of residence.
Is Bank of America giving loans to minorities?
Bank of America is introducing new mortgage products with no down payment and no closing costs to assist people from primarily minority communities in purchasing their first homes. The Community Affordable Loan Solution program will be accessible in some cities, specifically in neighborhoods populated by Black and/or Hispanic/Latino individuals.
What is the minimum credit score for Finance of America?
Read More :
https://www.bankofamerica.com/mortgage/affordable-loan-solution-mortgage/
https://newsroom.bankofamerica.com/content/newsroom/press-releases/2022/08/bank-of-america-introduces-community-affordable-loan-solution–t.html