{"id":9084,"date":"2016-02-24T15:24:59","date_gmt":"2016-02-24T15:24:59","guid":{"rendered":"http:\/\/www.anthonydidonato.net\/wordpress\/?p=9084"},"modified":"2016-02-24T15:25:08","modified_gmt":"2016-02-24T15:25:08","slug":"bank-of-america-rolls-out-3-loans","status":"publish","type":"post","link":"http:\/\/www.anthonydidonato.net\/wordpress\/bank-of-america-rolls-out-3-loans\/","title":{"rendered":"Bank of America Rolls Out 3% Loans"},"content":{"rendered":"

Bank of America Rolls Out 3% Loans<\/h2>\n
\"Bank<\/a>

Bank of America Rolls Out 3% Loans<\/p><\/div>\n

Bank of America announced a new loan program to help low- and moderate- income borrowers qualify for a mortgage with down payments as low as 3 percent of the purchase price. The loans have financing available up to $417,000.<\/p>\n

Eligible borrowers must not earn more than the median income for the area and are required to have a credit score of at least 660. The home the borrower is looking to purchase must also be their primary residence. Applicants must also have a debt-to-income ratio of no more than 43 percent.<\/p>\n

Bank of America announced it will also consider non-traditional forms of credit, such as daycare expenses, health club memberships, and rental history in determining credit history.<\/p>\n

“There are creditworthy borrowers — people who have shown good experience paying off debts who fit income restrictions — and except for the fact that they don’t have the money for a down payment, they would be good home owners,” says Terry Francisco, a spokesman for the bank.<\/p>\n

Low down-payment mortgages are becoming more common. Freddie Mac and Fannie Mae announced last year that they would start backing loans with down payments as little as 3 percent. The Federal Housing Administration also offers low-down payment loans, but FHA also requires borrowers to pay monthly insurance premiums with the mortgage payments.<\/p>\n

Bank of America officials say its 3 percent loans will have a less expensive mortgage rate than FHA loans. Rates, however, will be set by a borrower\u2019s creditworthiness and credit score.<\/p>\n

The average down payment for home buyers with a conventional 30-year mortgage in the fourth quarter of 2015 was 17.5 percent, reports LendingTree.<\/p>\n

Source: \u201cBank of America Will Offer Mortgages for 3% Down,\u201d CNNMoney (Feb. 22, 2016)<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Bank of America Rolls Out 3% Loans Bank of America announced a new loan program to help low- and moderate- income borrowers qualify for a mortgage with down payments as low as 3 percent of the purchase price. The loans have financing available up to $417,000. Eligible borrowers must not earn more than the median … <\/p>\n

Continue reading<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,8],"tags":[5,32,4,9],"class_list":["post-9084","post","type-post","status-publish","format-standard","hentry","category-news","category-real-estate-tips","tag-anthony-didonato","tag-news","tag-real-estate","tag-tips","item-wrap"],"yoast_head":"\nBank of America Rolls Out 3% Loans - Real Estate Agent and Sales in PA - Anthony DiDonato Broomall, Media, Delaware County and surrounding areas in Pennsylvania<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/www.anthonydidonato.net\/wordpress\/bank-of-america-rolls-out-3-loans\/\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/bank-of-america-rolls-out-3-loans\\\/#article\",\"isPartOf\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/bank-of-america-rolls-out-3-loans\\\/\"},\"author\":{\"name\":\"admin\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"headline\":\"Bank of America Rolls Out 3% Loans\",\"datePublished\":\"2016-02-24T15:24:59+00:00\",\"dateModified\":\"2016-02-24T15:25:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/bank-of-america-rolls-out-3-loans\\\/\"},\"wordCount\":301,\"publisher\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/#\\\/schema\\\/person\\\/964792b6994e8cc4cbddc36ad4824908\"},\"image\":{\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/bank-of-america-rolls-out-3-loans\\\/#primaryimage\"},\"thumbnailUrl\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/wp-content\\\/uploads\\\/2016\\\/02\\\/bank-of-america-logo1.gif\",\"keywords\":[\"Anthony DiDonato\",\"News\",\"Real Estate\",\"tips\"],\"articleSection\":[\"News\",\"Real Estate Tips\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/bank-of-america-rolls-out-3-loans\\\/\",\"url\":\"http:\\\/\\\/www.anthonydidonato.net\\\/wordpress\\\/bank-of-america-rolls-out-3-loans\\\/\",\"name\":\"Bank of America Rolls Out 3% Loans - 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