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Affordable Loan Solution Mortgage

What is an Affordable Loan Solution mortgage?

Our Affordable Loan Solution mortgage could be a good option if you're a qualified homebuyer unable to make a larger down payment.

This fixed-rate loan for low- and moderate-income borrowers offers a competitive rate with a down payment as low as 3% to help make buying a home more affordable. To see what may be available in your area, visit the Bank of America Down Payment Resource Center.



Benefits of an Affordable Loan Solution mortgage

  • Competitive rates with a down payment as low as 3% (applicants cannot own additional properties at closing)
  • Mortgage insurance is not required
  • Homebuyer education may be required for first-time buyers through a HUD-approved counseling provider or Connect to Own®, Bank of America’s nationwide network of counselors
  • Maximum income and loan amount limits apply (varies by location)

Other types of mortgages

Fixed-rate mortgages

  • Your interest rate remains the same for the entire loan term

  • Your monthly payment of principal and interest does not change during the loan term

Adjustable-rate mortgages (ARMs)

  • Interest rate may change periodically during the loan term

  • Your monthly payment may increase or decrease based on interest rate changes

Jumbo loans

  • For borrowers needing higher loan amounts

  • Available for primary residences, second or vacation homes and investment properties

FHA & VA loans

  • Government loans from the Federal Housing Administration and the U.S. Department of Veterans Affairs

  • Low down payment options with flexible credit and income guidelines

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Affordable Loan Solution basics

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