This MIGHT Be A GAME CHANGER: BOA Offering Coli Brehs Mortgages With ZERO DOWN!!!
- Thread starter Wig Twistin Season
- Start date
This is aimed at moderate to lower income black and brown communities who previously are overlooked. you have to take a home buyer and credit class, the benefit is that you can have bad credit but all ur bills/debt must be current.
If not current, you gotta take the money management class and get on a payment plan to get current, then reapply.
In short, if u don't make too much money and ur debt is not delinquent, you can probably get approved.
I'm assuming this isn't all too dissimilar from other previous efforts to serve overlooked communities
If not current, you gotta take the money management class and get on a payment plan to get current, then reapply.
In short, if u don't make too much money and ur debt is not delinquent, you can probably get approved.
I'm assuming this isn't all too dissimilar from other previous efforts to serve overlooked communities
Yeah… If I am reading it correctly it’s only for homes within certain areas within the city.
It screams: “Own your own piece of the hood because we ain’t letting yo ass own anything else.”
Wink Beaufield
Superstar
One of the major factors was people jumping on ARM loans back then. And when that rate jumped up, that's what broke a lot of peoples backs.
...but it's better for some to take advantage of this and owning in these areas because you never know how the neighborhood could improve in the future. Mess around and be too nervous, while another group of people have a whole different perception of what the neighborhood could be, start buying it up and have black folks complaining about gentrification and how it's not fair.
Sir Richard Spirit
Superstar
A lot of people in this thread looking for a way to discredit the program.
Pretty nasty shyt being said here.
Pretty nasty shyt being said here.
Don’t you usually have to live in there houses (I know that’s hard to prove) also they let you get more than one?
Absolut
Legal Bookie
If you are buying a house why wouldn’t you?Y’all really putting 20% down on houses in this market?
dont fall for slave banks...
this is a way to forclose homes on ppl... get em out n flip the house..
this is a way to forclose homes on ppl... get em out n flip the house..
boa knows that
OneManGang
Veteran
Because the average house price in my area is 350,000 and 20% of that is 70k. Don’t think too many first time buyers are doing that
Yes. Being a homeowner is definitely a preferred We have to start somewhere. But it is still a risk… the housing market is insidiously and inherently racist…
If the “gentrification” is done by mainly Black and Brown homeowners, there is a risk of the valuations on the homes rising but so much.
A major part of gentrification is investment. Investment in infrastructure, businesses, schools etc.
Just keep an eye out on what type of investment, if any; is done in these new “redlined” communities.
RoCKetSity256
All Star
I don’t know the exact details it’s my brother who’s doing it. He says his credit union lets him get up to 6 properties though
Edit: He says he did have to stay there but there is no set time you have to stay there. He only stays until he finds tenant’s he thinks he can trust. He said although he can get 6 he only has 2 right now and doesn’t suggest to get more than you can comfortably afford incase something goes wrong.
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