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Old 03-13-2007, 10:57 AM
 
56 posts, read 65,391 times
Reputation: 17

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After all the news in the media and with the trashing the subprime lenders and banks are taking in the past couple of days many will be lucky to get loans at all. I think today will mark a huge tightening to the lending standards.
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Old 04-03-2007, 12:31 PM
 
3 posts, read 17,138 times
Reputation: 12
I just closed on a house last week using BOA's Community Commitment. 30 years fixed, 5.75% on a $225k house.

For those who are doubters, this was zero down, no PMI, no 80/20. Ridiculously good deal. Use it if you can get it.
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Old 04-12-2007, 06:03 PM
 
Location: Tampa
10 posts, read 51,282 times
Reputation: 13
Quote:
Originally Posted by saralee View Post
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

NO pmi because you did 2 loans.. One for 80 % and one for 20%.. the 80 may have been at 5.875, but the 20% was definately not anywhere close to that. Either way you may have still got a great deal.


with the community commitment program you can go as high as 103% cltv. Meaning you could use the extra 3% to cover some of your closing cost
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Old 04-12-2007, 06:25 PM
 
Location: Union County, NC
2,115 posts, read 7,086,493 times
Reputation: 1141
Quote:
Originally Posted by Tampaman View Post
NO pmi because you did 2 loans.. One for 80 % and one for 20%.. the 80 may have been at 5.875, but the 20% was definately not anywhere close to that. Either way you may have still got a great deal.


with the community commitment program you can go as high as 103% cltv. Meaning you could use the extra 3% to cover some of your closing cost
I screwed up on my earlier post and intended to correct it before but couldn't find this thread. I had to actually go back and review our paperwork.

It was one loan, 100% financing, no PMI, 5.875%. Our current mortgage, property insurance and taxes are less than what we were paying for rent in a marginal neighborhood for an apartment we had outgrown years ago. The seller paid $2,500 toward our closing costs, so that was a big help too!

Our Realtor was through Allen Tate and we briefly considered using their suggested mortgage broker but the rates we were offered were excessively high (between 9 and 11%) in comparison. We continue to feel good about B o A's program and I have recommened it to many first time homebuyers.

SL
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Old 04-12-2007, 06:43 PM
 
Location: Indian Trail, NC
396 posts, read 1,434,837 times
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Quote:
Originally Posted by saralee View Post
It was one loan, 100% financing, no PMI, 5.875%.
SL
It was probably lender-paid mortgage insurance then.
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Old 04-15-2007, 06:00 AM
 
73 posts, read 437,755 times
Reputation: 35
Default No Doc Loans

I thought if you purchased a home for $480,000 and you put down $400,000, you did need need income verification and the interest would be low. Can anyone help me with this?
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Old 04-15-2007, 06:19 AM
 
87 posts, read 329,195 times
Reputation: 29
The rate for the community commitment program is much higher now 6.3%. Why such a jump? Seems like many people recently closed with 5.8 rate.
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Old 10-02-2007, 01:12 PM
 
4 posts, read 10,324 times
Reputation: 12
Sarilee,
Can you give me your contact where you did your refinancing and your credit score had no minimum requirements?
Thanks
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Old 11-04-2008, 05:04 PM
 
1 posts, read 2,438 times
Reputation: 10
What is the allowable debt to income ratio for this type of program?
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