March 13th, 2016 11:26 AM by Jackie A. Graves, President
There’s potentially some good
news for millions of Americans who have had trouble trying to get
into a new home. Bank of America plans to offer a 3% down conforming
loan aimed at giving low- and moderate-income homebuyers more access to
mortgages, including counseling before and after the loan process.
the Affordable Loan Solution, the new mortgage product is available through a
partnership with Self-Help Ventures Fund and Freddie Mac, and will let
borrowers avoid private
mortgage insurance (PMI), a product usually required for
low-down-payment loans that can add significantly to monthly mortgage
“There is a need in today’s
marketplace for more responsible mortgage products that enable creditworthy
homebuyers, who meet certain income limits and other requirements, to become
homeowners at an affordable entry point with comprehensive counseling,” D.
Steve Boland, consumer lending executive at Bank of America, said in a