Bank of America has just sent a message that sounds almost unbelievable for those who dream of improving their lives in the US. The institution reminds people that it's no longer necessary to gather a large fortune to take the first step in that new stage.
We're talking about the Affordable Loan Solution® mortgage, which lets you get closer to the keys to that home with just a 3% down payment. For many families, that figure has been the push they needed to move from renting to owning. The bank links the offer to its broad Home Buying Program, part of the Community Homeownership Commitment.
Bank of America makes it easy for you to buy a home: Affordable Loan Solution®
Under that umbrella, the attractive mortgage is combined with various cash assistance options, such as the Down Payment Grant of up to $10,000 that doesn't have to be repaid. This way, the actual outlay to move in can be drastically reduced even in expensive markets.
It's a fixed-rate mortgage designed for first-time buyers or those with moderate incomes. It only requires 3% as a down payment and allows financing of 97% of the home's value. The bank does require mortgage insurance, but the payments are competitive compared to many conventional alternatives.
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In addition, there are income and loan amount limits that vary by county, and a brief financial education course approved by HUD is usually required.
The program has gained attention because it's offered alongside the Community Affordable Loan Solution™, another product with no down payment or closing costs. That plan, introduced in 2022, eliminated the minimum credit score and is based on timely rent or bill payments to assess creditworthiness.
With both options, the American bank boasts of having already helped more than 36,000 families move into a new home. They also highlight having allocated more than $350 million in direct grants.
A vital step to achieve the dream of homeownership in the US
The impact is significant. With rents at historic highs and rates above 6%, a mortgage that lowers the down payment to 3% reduces the entry barrier without causing the monthly payment to skyrocket. That's why many describe the offer as an "attractive mortgage" and a decisive step toward achieving the dream of homeownership in the US.
The voices of those who've already signed haven't taken long to emerge. "I thought it would take me years to save for the down payment and now I'm already painting my living room," admits Carlos, a new homeowner in Miami. That praise is echoed in Latino homebuyer forums, where many urge others to get informed "before prices go up even more."