This MIGHT Be A GAME CHANGER: BOA Offering Coli Brehs Mortgages With ZERO DOWN!!!

[Wig Twistin Season]

Get in here and discuss Coli brehs and brehettes…



What are your thoughts about this and the possibility of a nation wide program offering no down payment mortgages to brehs and brehettes?

Will this change the game or is this a Yacubian 4D chess move that will turn into a rug pull?

Bank of America: Zero-down-payment mortgage for first-time buyers

Residents in selected Charlotte, Dallas, Detroit, Los Angeles and Miami neighborhoods will be offered the program first.

www.nbcnews.com

Bank of America said it is now offering first-time homebuyers in a select group of cities zero down payment, zero closing cost mortgages to help grow homeownership among Black and Hispanic/Latino communities.

The option will first become available in certain neighborhoods in Charlotte, Dallas, Detroit, Los Angeles and Miami. The new mortgage, called the Community Affordable Loan Solution, aims to help eligible individuals and families obtain an affordable loan to purchase a home, the bank said.

 

[Doobie Doo]

Please bring this shyt to Raleigh next. I need my crib in Apex or Cary soon

 

[High Art]

What's the catch?

 

[Tupac in a Business Suit]

Sketch. Collateral is a must for any loan/business transaction and this type of shyt caused the last crash in 2008.

 

[Toe Jay Simpson]

If y’all doing any sort of business with BOA or Wells Fargo you deserve what happens to you

 

[Wig Twistin Season]

The loans require no mortgage insurance — the additional fee typically charged to buyers who put down less than 20% of the purchase price — and no minimum credit score. Instead, eligibility will be based on factors like timely rent payments and on-time utility bill, phone and auto insurance payments.

Y’all better spread the word…

 

[-DMP-]

surprised at no PMI. If they don’t sneak any other fees in there, and rates are relatively reasonable, could be a good initiative

 

[Wig Twistin Season]

The program’s creator.

 

[EBK String]

What's the catch?

Selected neighborhoods means the houses probably have to be in the hood.

 

[Colicat]

What's the catch?

New aged redlining.

 

[RoCKetSity256]

I think a lot of banks are doing this it’s some kind of government program. My brother is closing on his 2nd house doing this with a credit union. He’s renting the houses out. If I’m not mistaken the only thing he’s come out of pocket for is the appraisal and closing costs.

 

[Doobie Doo]

Y’all better spread the word…

I ain't been late on a single payment in well over a decade with a 800 credit score

 

[-DMP-]

I think a lot of banks are doing this it’s some kind of government program. My brother is closing on his 2nd house doing this with a credit union. He’s renting the houses out. If I’m not mistaken the only thing he’s come out of pocket for is the appraisal and closing costs.

Did he have to refinance the first one to a conventional loan?

 

[RoCKetSity256]

Did he have to refinance the first one to a conventional loan?

I honestly don’t know the details or if this is the exact program breh. But I don’t think he has any location restrictions on his so it may not be the same 1. I think he finds renters for the property and that allows him to reapply for whatever the program is and makes him a 1st time buyer again. I’ll ask him and see because we only talked about it briefly. He is in the Raleigh Durham area though I know the 2nd property is about 235k and it’s in a nice area

 

[Dipsey Doo]

Sounds very similar to what caused the 2008 crash…