Community Affordable Loan Program

REALTOR®  |  INVESTOR / HOME BUYER | COACH 

Brokered by Corey Simpson & Associates Realtors® 

mobile 469-737-0059 

realtor@korywhite.com | Search Homes: k.korywhiterealestategroup.com

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Community Affordable Loan Program

BOOK AN APPOINTMENT WITH KORY: http://bit.ly/3pWqxy7

This new program is in addition to and complements Bank of America’s existing $15 billion Community Homeownership Commitment™ to offer affordable mortgages, industry leading grants and educational opportunities to help 60,000 individuals and families purchase affordable homes by 2025. 

Quick Facts:

-Only for someone who hasn’t purchased in the last three years

-Rental Verification: No 30-day late payments within the last 12 months

-Traditional Credit Verification – 3 Accounts In Your Name that have been paid on time for 12 months

-Allow Plenty of Time to complete the program – Closing Window Typically Requires a 45-60 Day Closing

-No Credit Score Requirement

Types Of Properties:

Single Family Home

3 month reserves of funds if you dont have rental history

Multi Family (Duplex) 

2-4 units requires a 6 month reserve of funds

DFW Counties Participating in the program:

  • Collin, Denton, Ellis, Hunt, Coffman, Rockwall

FACTS ABOUT THE PROGRAM

  • Conventional product (no mortgage insurance required)
  • Conventional appraisal required
  • Current rate – 7.125% 
  • No credit score requirement
  • Debt-to-Income ratio is capped at 50% (no exceptions)
  • Mandatory on time 12 month rental history 
  • No new public records within the last 12 months, (i.e. no new collections, charge-offs or judgements within the last year)
  • No 30-day late payments within the last 12 months
  • 30-45 day underwriting/closing times
  • Student loans are counted at the higher of the following two amountsthe current payment reporting on credit or 1.15% of the balance. If the current payment is lower than 1.15% of the balance, then they will use 1.15% of the balance in the debt-to-income calculation.
  • 2 months of bank statements are still required and large deposits must still be sourced
  • 2 years of self-employed income is still required (income is still averaged)
  • The down payment is covered under this product
  • Closing costs are covered up to $10,000  for non-reoccurring expenses.  The property tax and insurance escrow set up, hoa fees and home owners insurance premium must be paid by the borrower at closing (Typically the earnest money deposit would cover some of this but not all. On average, the borrower will need about $4,000 – $5,000 to qualify).
  • Household income is capped at $132,000.
  • Taxes & Homeowners Insurance Policy Must be Paid by the borrower 
  • You can pay to reduce your interest rate by buying down your rate
  • BOA will be the primary lien holder, but you can combine this program with other community programs that are available.

GET STARTED WITH APPLYING HERE: https://bit.ly/3D23IDx

Call 800-324-4832 if you have any problems with your application or the Bank of America website.

CONSUMER NOTICE | INFORMATION ABOUT BROKERAGE SERVICES

KORY WHITE REAL ESTATE GROUP BROKERED BY COREY SIMPSON & ASSOCIATES IS NOT A LICENSED MORTGAGE COMPANY NOR IS IT IMPLYING IN ANY WAY THAT IT IS. THE ACCURACY OF THE INFORMATION IS TO BE VERIFIED BY THE CLIENT OR CUSTOMER.