More information of Affordable Loan Solution Mortgage
In the other mortgages offered by Bank of America, both fixed and adjustable rates, it is possible to get a down payment of only 3%, but if we want to go below 20%, it is necessary to take out insurance.
In the case of the Affordable Loan Solution mortgage, the entry can be as low as 3% and it is not necessary to take out any type of policy that covers the additional risk assumed by the bank, while also maintaining competitive interest rates.
It is a product only available for low incomes, so if your income exceeds the maximum required, you will not be able to access it.
For first-time homebuyers, you may need to receive a purchase briefing from a HUD-approved counselor. Bank of America puts its network of Connect to Own advisors at your disposal.
To find out the conditions of this mortgage, you should consult an executive at one of the bank's offices, who will inform you of the possibilities that exist for your personal situation, as well as the interest rates applied and the maximum amount you can obtain.
Español: Hipoteca Affordable Loan Solution