Your Pathway to Accessible Funding: Affordable Loans Explained
Drowning in debt can be a very stressful situation. Fortunately, there are steps you can take to overcome it and recharge your financial life.
One important step is to start
paying off your credit card balances. Don’t play the game of passing the buck
from one card to another, as this only delays debt elimination.
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Bank of America
Bank of America offers a number
of different financial products including checking accounts, savings accounts,
mortgages and credit cards. It also offers online investment and wealth
management services. It is one of the largest financial institutions in the
United States with more than 66 million consumer and small business banking
relationships. Its broad product lineup, thousands of branches and ATMs, and
highly rated mobile app make it an excellent choice for anyone looking for a
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The Affordable Loan Solution
Mortgage Program, offered by Bank of America in partnership with Freddie Mac
and Self-Help Ventures Fund, helps homebuyers who lack the funds to afford a
traditional mortgage by offering a low down payment and closing costs assistance
program. The mortgage program uses relatively conservative borrower
qualification requirements compared to other no and low down payment mortgage
programs. These requirements include a lower debt-to-income ratio and higher
borrower credit score requirements.
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This mortgage program is
available to both first-time and repeat home buyers. The lender requires that
all first-time home buyers take a homeownership counseling class. Borrowers may
also qualify for a second mortgage to help pay for home improvements or
repairs. In addition to its mortgage programs, Bank of America provides a
variety of other services to help homeowners including a free mortgage
refinance calculator.
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Earlier this year, the Federal
Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, unveiled
several recommendations to close the gap in access to homeownership for
minority households. These recommendations included down payment assistance and
mortgage insurance premium reductions, as well as a credit reporting system
that considers rental payment history. The Affordable Loan Solution Mortgage
Program was created to address these recommendations and is a great option for
borrowers who need help affording a mortgage.
Freddie Mac
Freddie Mac is one of the biggest
purchasers of mortgages in the United States. This government-sponsored
enterprise, which also includes its sister company Fannie Mae, buys mortgage
loans from banks, credit unions, savings and loan associations, and other
mortgage lenders. It then bundles the loans into something called a
mortgage-backed security and sells it in the capital markets. This increases
the amount of money available for mortgage lending. In addition to
single-family mortgages, Freddie Mac is a significant player in the multifamily
housing market.
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