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Bank of America doubles down on 3% down mortgages without insurance Expands "Affordable Loan Solution" for low- and moderate-income homebuyers KEYWORDS 3% down mortgages Affordable Loan Solution Bank of America Bank of America Home Loans Bank of America mortgage Freddie Mac low down mortgage Low down payment mortgage options Self-Help Ventures Fund Earlier this year, Bank of America, in partnership with Freddie Mac and Self-Help Ventures Fund, began offering mortgages that only required consumers to put down 3% and did not require the consumers to obtain mortgage insurance either. The program, called the "Affordable Loan Solution" mortgage, is a conforming loan that provides low- and moderate-income homebuyers access to a responsible lending product with counseling at affordable entry prices. Bank of America said Thursday that the "Affordable Loan Solution" program is proving so successful in its first few months that the bank is doubling its annual commitment to the program – from $500 million to $1 billion. Bank of America also said that it is enhancing the “mortgage experience” for clients who qualify for an Affordable Loan Solution mortgage, including automated underwriting and improving cycle times. According to Bank of America, the response to the program has been incredibly positive so far from consumers who may not have been able to buy a home otherwise. In fact, Bank of America said that more than 90% of the program’s participants are first-time buyers, receiving homeownership financing for the first time. “Since our introduction in February, the Affordable Loan Solution program has been meeting the needs of LMI borrowers who desire a responsible mortgage product at an affordable entry point,” said D. Steve Boland, consumer lending executive at Bank of America. “We’re especially proud of how the Affordable Loan Solution program has become a popular choice for creditworthy first-time homebuyers, many of whom live in underserved communities.” With the Affordable Loan Solution program, borrowers are allowed down payments as low as 3% on the purchase of a primary, single-family residence, with no reserve funds required in most situations. According to Bank of America, borrowers may use secondary financing, such as an affordable second loan, grants, or even cash they have on hand. Bank of America said that the program also considers non-traditional forms of credit to demonstrate credit history.
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