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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 modest-income borrowers offers a competitive rate with a down payment as low as 3% to help make buying a home more affordable.

For a limited time, when you get an Affordable Loan Solution® mortgage from Bank of America, you’ll receive a $200 bonus if you apply by November 30, 2018. Learn more

In addition to low down payment mortgage options, there may be down payment and cost savings programs available in your area. Visit the Bank of America Down Payment Center to learn more.

 

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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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