Because of many and many requests for 100% financing I have continued to search out the best 100% programs to offer our borrowers while still keeping them in a fixed rate loan to weather the current market correction. Bank of America is offering The Community Accommodation Loan for Low-to-moderate income borrowers at very competitive pricing. It is an 80/20 combo loan. The first is available with a 30 year or 40 year fixed rate. The second is a fixed rate also.
New Notes 8/3/07:Because of the major problems with the ALT-A market these loans appear to be a great alternative for that market.
Here are some other highlights of this program.
Needed to qualify:
•· Three trade lines. They can be Collections, accounts that are open, closed or joint accounts.
•· 620 mid fico score
•· Private VOR or rent free letters accepted.
•· Income limited to $48,080
•· Employment seasoning not required.
Benefits:
•· 100% financing with a 60% back end ratio.
•· Fixed competitive rates for your borrowers with No Pre Payment Penalties
•· Condos, SFR, and 2 units available with this program.
•· U.S. Citizens, permanent resident alien and non permanent residents eligible. (Please check type of visa on non Permanent Resident aliens.)
•· Buyers who own a current home are not required to sell their home as long as the property they are buying is owner occupied.
•· Employment seasoning not required.
Disregarded:
•· All collections as long as they don't affect title do not need to be paid.
•· Bankruptcy as long as it has been fully discharged.
•· No Reserves required.
For help with this or any other loan product please contact me directly at 702-808-8328 or visit my website at http://www.steak-dinner.com/ to utilize mortgage calculator tools and many other resources for your purchase or refinance mortgage loan needs.
Your mortgage partner for life,
Rey "Steak Dinner" Gallegos
Senior Loan OfficerFive Star Mortgage
Website: http://www.steak-dinner.com/Your complete community mortgage broker Approved in NV, CA, UT, NM, AK, and FL
Proud member National Association of Mortgage Brokers
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This sounds like a great plan that can help people out. Glad to see you have such a great program in place!
Lexa