My thoughts on Bank of America First Time Homebuyer 0% Down Program
Bank of America has launched a program geared to helping minorities get into Homeownership. The Community Affordable Loan Solution will be introduced in Black and Hispanic neighborhoods such as Miami, Los Angeles, Dallas, and Charlotte. Bank of America does plan to extend this program across the nation. However, I'm sure this depends on the selected cities not performing in a disastrous way. This program will allow First-time homebuyers to enter Homeownership with 0% down , no closing cos t, and no mortgage insurance . Buyers can own their home and still enjoy no mortgage ( the same benefits that folks who put 20% down on a home enjoy ) makes this an intriguing program. Mortgage insurance comes out to about (1.25-1.75%) of the loan's balance and is commonly paid as part of the homeowner's monthly mortgage. An innovative way this program works for lower-income communities is that it will be determined by the following: timely rent , utility...