Bank of America loan

Jamci · #1 (**permalink**) 10-25-2006, 10:15 AM

I was approached by a realtor yesterday...not one of the better realtors in my area.....She threw a flyer on my desk from Bank of America saying that if I can't offer this program to her borrowers, she would have to take her business elsewhere.
(I didn't say it...but she's good for one closing maybe every three months and there are all sub prime and hard work. I get alot of stuff from her that I just can't do and won't waste my time doing.)

Anyway, the flyer refers to "Community Commitment Program"
100% Financing, one loan, No MI, no credit score requirement, 6.5% 30 yr fixed. They will pay for the homebuyer education class.

I've called a rep from BoA but he has yet to be heard from.

Anybody heard of this program? Anybody use BoA? We are in WV, PA, VA, MD.

Erik · #2 (**permalink**) 10-25-2006, 11:56 AM

Haven't heard of it, but it sounds an awful lot like something I've seen Key Bank do out here in Utah - and it was on a condo conversion.

Greg · #3 (**permalink**) 10-25-2006, 05:02 PM

I am going to take a guess and say it is a Fannie Mae My Community Loan they are marketing. 6.5% has good margin to account for the fees.

If not then it still is probably linked to a geo track system and offered in certain counties and cities. I bet that no credit score requirement means a no score would be accepted with alt credit.

Then you still have to show 24 months of good payment history and no late pays. You might even have to pay off all collections or at least non-medical.

These types of programs are confomring ways to compete with FHA. I would suggest brokers who do not have FHA to try these types of programs out because hardly any brokers know about them.

Can you scan the flyer and post it?

Erik · #4 (**permalink**) 10-25-2006, 05:14 PM

Would also be interested in seeing the flyer.

Secret! · #5 (**permalink**) 10-27-2006, 10:57 AM

Quote:

Originally Posted by Jamci

I was approached by a realtor yesterday...not one of the better realtors in my area.....She threw a flyer on my desk from Bank of America saying that if I can't offer this program to her borrowers, she would have to take her business elsewhere.
(I didn't say it...but she's good for one closing maybe every three months and there are all sub prime and hard work. I get alot of stuff from her that I just can't do and won't waste my time doing.)

Anyway, the flyer refers to "Community Commitment Program"
100% Financing, one loan, No MI, no credit score requirement, 6.5% 30 yr fixed. They will pay for the homebuyer education class.

I've called a rep from BoA but he has yet to be heard from.

Anybody heard of this program? Anybody use BoA? We are in WV, PA, VA, MD.

Let me give you a broader and deeper viewpoint oin this. For my entire career, Bank of America has been one of the most unreliable residential real estate lenders out there. They'll buy up a mortgage company or two, infect them with their overly conservative and less than responsive bank culture, then close them down. They pop into the market and out again ALL THE TIME - theyll be jumping out of the market AGAIN pretty soon ... my guess? Probably by next Summer.