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FHA Bank of America
|FHA Bank of America refers to the affordable loan options that BofA offers under the regulations set by the Federal Housing Administration. These loans are available at low interest rates and there are also more flexible qualification requirements. Individuals and families belonging to low and moderate income communities can find these mortgage options an ideal solution to own a home anywhere in the country.
First Time Home Buyers and those who do not have sufficient funds to meet the minimum down payment requirements can also go for Bank of America FHA loan options. Existing homeowners can be benefited by FHA-insured solutions like HAMP, short refinance and streamline refinance programs.
Bank of America FHA Loan
Bank of America is an FHA-approved financial institution. As a result, one can find the complete array of FHA-insured home lending solutions at BofA.
Some of the programs allow borrowers to qualify even if they are unable to put down 20 percent of the home value at closing, which is a usual requirement with the conventional financing. Others may allow a borrower to qualify even if they do not meet the income criteria needed under a normal lending situation. Other benefits of having BofA FHA mortgage options include low rates and affordable amortization schedule.
Existing Homeowners can get assistance through a number of loan modification refinance options. Home Affordable Modification Program (HAMP) is one such program that aims at modifying the original mortgage documents in order to lower the rate and monthly payment for the entire loan life. Other helpful programs may include partial claim, HARP, short refinance (or short refi), and streamline refinance.
Bank of America FHA Streamline Refinance Program
If you have a Bank of America mortgage loan insured by FHA, you may qualify for streamline refinance from the bank. The streamline refinance program does not aim at providing a loan at no additional costs. It is rather a program that involves less paperwork and very little documentation requirements, thus cutting down significantly on your time and money.
If your mortgage is insured by FHA and you are current in your payment, you may be qualified to participate in Bank of America FHA Streamline Refinance Program. The solution aims at lowering down the monthly principal and interest payment. Moreover, you cannot use this option to take cash out in order fund various expenses.
For more information, please visit BoA website.