Anyone try Community Commitment Program? or do a "no doc" mortgage? (Charlotte: mortgage broker, refinancing)

[NYtoNC07]

Hello,

I'm purchasing my first house in the charlotte area and I'm hoping to get the community commitment mortgage through Bank of America. Has anyone tried this program? Again, it's for first time homebuyers so the response may be limited!

Also, if we are unable to secure a job prior to actually moving to charlotte - what are the best options? I know there are "no doc" loans but those usually have very high interest rates. Has anyone tried something like this? My only restriction is that we're unable to put up a large down payment.

Any ideas/experiences would be great

[CharlotteAgent]

I do no docs all the time with investment properties. Its good if you can get refi in a few months the interest rate is less than desirable but in my case I am more worried about cash flow and moving the property.

If you have to go that route do not sweat it but remember as soon as you can refi.

[Miker2069]

Originally Posted by NYtoNC07

Hello,

I'm purchasing my first house in the charlotte area and I'm hoping to get the community commitment mortgage through Bank of America. Has anyone tried this program? Again, it's for first time homebuyers so the response may be limited!

Also, if we are unable to secure a job prior to actually moving to charlotte - what are the best options? I know there are "no doc" loans but those usually have very high interest rates. Has anyone tried something like this? My only restriction is that we're unable to put up a large down payment.

Any ideas/experiences would be great

You can try stated income loans. I personally worked with about a dozen or so lenders, reducing the list as time went on, and keeping 2-3 until the very end (i.e., less than 2 weeks before closing). Something IMO always comes up, so it's good to have a backup lender. It's more work on your part, but I did everything electronic- so I had PDFs of everything they all needed and just sent everything via email (copy and paste). It wasn't to bad.

[saralee]

We used B o A's CCP. What questions do you have? Hopefully I can remember any helpful details! After all, it was only two months ago that we closed.

SL

[md to nc]

My husband and I did a stated income loan because he was working here in Charlotte but I was still in Maryland. We tried to qualify for a conventional but they would not do it because I did not have a job lined up here in NC and they would not use my income from MD. It would have been great if they did, we would have qualified for a lot more. We also was able to get in with almost nothing, only $2000, the builder contributed $5000. They ended up doing an 80/20, with a 7% rate on the first and 9% on the second. We have every intention of refinancing in one year since my husband needs to establish "Credit worthiness" in NC as the mortgage broker put it. Majority of his income is commission and due to the relocate they will not consider this until after one year since he was not with the same company. Hope this was some help to you.

[NYtoNC07]

We used B o A's CCP. What questions do you have?

I'm curious to see how much your closing costs were? Were there any surprise last minute fees that popped up? Also,what kind of interest rate did you get?

[TBLTZ]

Originally Posted by NYtoNC07

I'm curious to see how much your closing costs were? Were there any surprise last minute fees that popped up? Also,what kind of interest rate did you get?

Im doing a no doc loan. Because Im still up north waiting until my house is built. The I will start job hunting. Im going to refi a few months after to get a lower rate. 30 year fixed.

[resident]

I'd go with some sort of 80/20 or 80/15/5 if you can get a decent rate. That way you do not pay PMI which is not tax deductible but the interest on a mortgage is. What about a 5 yr ARM with no prepayment penalties and a cap, that way it might give you al ower rate but enough time to refinance?? Know what is on your credit report as well..clear up anything that you can. I am NOT in the mortgage business...I just did a ton of research over the past year before moving and purchasing a home!
I thought they have gotten a little more strict with no doc loans in recent months. Be prepared to possibly pay a point at closing though. Definitely figure out your finances. The reason we didn't go with the Bank Of Amer. thing I remember ( if I can remember correctly ) is that we would have had to carry PMI which I did not want to do if I didn't ahve to...it was like throwing away money. Good luck, do a LOT Of research to see what is out there and what you qualify for.

[saralee]

There is no PMI with the CCP @ B o A. Also, no min. credit score req'd. We ended up doing an 80/20, 5.875%, 30-year fixed. Started the process with B o A in Jersey, so I don't know/recall who the local (Charlotte) contact was .... experience was pretty painless (unless you consider I only had to produce like 1,000 documents -- well, felt that way at least ). We did pay 1/2 point, if I recall correctly. There were no surprises, everything was on the up and up. I'd have to go back and see exactly what we paid in closing costs, minimal though because the seller paid $2,500. Ummm, and for personal reasons, this was based on my income alone (DH's not included) and as proof of income I produced a promise of local employment that included hiring date and salary. At one point, it looked like we might need to do a stated income loan and well, we almost went into a panic because we really needed to keep it as affordable as possible.

Hope this helps!

SL

[resident]

There was no PMI b/c you did the 80/20. What is the interest rate on your second loan if you don't mind me asking?