Purchase
Neighborhood Advantage Credit Flex
Low Down
Become a homeowner-even with no credit history and limited savings
No two homebuyers are exactly alike. That's why Bank of America
Mortgage offers the Neighborhood Advantage Credit Flex home loan.
Most conventional mortgage loans require an extensive credit history
and sizable savings. But Credit Flex combines flexible credit
guidelines with a low 3% down payment to put home
ownership within easier reach than ever. Plus, most of your down
payment and closing costs can come from a gift from family
members, friends or even an approved down payment assistance
program. Whether you're a first time homebuyer or are a
homeowner refinancing an existing mortgage, Neighborhood
Advantage Credit Flex can make it easier for you to qualify for a home loan.
Here's how:
No established credit required-as little as a favorable
12-month rental history is all you need
An affordable 3% down payment-only 1%
needs to be
from your own funds
($500 in Los Angeles County, Arizona,
New Mexico and Nevada);
the rest can come from a gift or other sources
Little or no cash upfront-100% of your
closing costs can
come from a gift or other sources.
Less income required-makes it easier to
qualify than
conventional loans
Fixed rate financing for 1-and 2-family homes-enjoy
the
security of knowing what your monthly payments will be for
the life of the loan
Automatic payments-take advantage of the
convenience
of having your monthly payments deducted directly from
your checking, savings, or money market account
Even if you're already a homeowner, Credit Flex can help lower
your monthly payments and increase your cash flow by refinancing
the existing balance up to 97% of the appraised value of your home.
Are you eligible for Neighborhood Advantage Credit Flex?
You are eligible if you live in one of the states indicated below and
if your income does not exceed 80% of the median income in your
area. If the property you wish to finance is located in a selected
census tract, there is no income limit. As a guide, please reference
Your Bank of America Mortgage account executive can let you
know the income requirements in your area and help you
determine whether the property is located in a designated
Neighborhood Advantage census tract.
What is the maximum loan amount?
The maximum loan amount for one-unit properties is $252,700
(379,050 in Hawaii); the maximum loan amount for two-unit
properties is $323,400 ($485,100 in Hawaii).
Where is Neighborhood Advantage Credit Flex available?
The Neighborhood Advantage Credit Flex home loan is available
for purchases and refinances in the 35 states, and the District of
Columbia, where Bank of America has either retail branches or
Bank of America Mortgage retail lending offices: Arkansas,
Arizona, California, Connecticut, Delaware, Florida, Georgia,
Hawaii, Idaho, Illinois, Iowa, Kansas, Kentucky, Maryland,
Massachusetts, Minnesota, Missouri, Nevada, New Hampshire,
New Jersey, New Mexico, New York, North Carolina, North Dakota,
Ohio, Oklahoma, Oregon, Pennsylvania, Rhode island,
South Carolina, Tennessee, Texas, Virginia, Washington,
Wisconsin and Washington, DC.
Flex Your Homebuying Muscle with Neighborhood Advantage Credit Flex
To apply or for assistance with eligibility and program questions. And be sure
to ask about our special pricing offers that can help you serve even more on a
Credit Flex home loan.
Program rates, terms and conditions are subject to change without notice.
Equal Housing Lender
email: webmaster@desktopsys.com