Info on Community Commitment Loan from Bank Of America (balloon payment, real estate)

[phicklen]

I'm trying to retrieve some info on this loan. My fiance and I are trying to buy a house in Nashville but have little knowledge on certain loans. If anyone has used this loan or just wants to comment please do. Thanks

Once again its a Community Commitment Loan from Bank of America

[RockyRoad78]

If you qualify for this program, I would very strongly suggest it. It's a first time home buyer program, and the income levels are usually restricted. It's a great loan, no strings attached - I promise. My girlfriend and I just bought a house in the Atlanta area using this program. Zero money down, no PMI, no 80/20 type loan, no balloon payment, and we locked in at 30 years fixed at 5.75%. Everyone we dealt with was floored when we told them about this. The closing attorney hasn't had a deal like this in months. The real estate agents hadn't had a deal this good in months. Everything fell perfectly in place in our situation, but with a little good fortune you can be a home owner!

We have friends who bought about 1.5 years ago. They paid $25k LESS than we did and their monthly payment is over $300 MORE per month.

Overall point; if you can get this loan, there is no better deal out there. Period. This isn't a "scam loan" that you're hearing so much about now. This is the real deal. All our friends who are home owners are jealous... even our parents.

[sliverbox]

Just make double-sure what you are signing up for. "Community Commitment Loan " seems to be lumped together generically with all the other B of A loans, including IO, ARM, and fixed. Bottom line- call the bank. lastly, if you can't afford a home based on a traditional fixed mortgage, then either buy something smaller or study your financial situation to determine whether buying a home is really that great of an idea to start with.

[RockyRoad78]

Originally Posted by sliverbox

Bottom line- call the bank. lastly, if you can't afford a home based on a traditional fixed mortgage, then either buy something smaller or study your financial situation to determine whether buying a home is really that great of an idea to start with.

Well great advice (sarcastic) . Who wouldn't work out the details of a loan before they actually go to closing???! Anyway, the 30 year fixed is a traditional fixed, it's just a better deal than most anyone has been offered before.