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Old 03-23-2007, 06:51 PM
 
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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
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Old 04-03-2007, 01:17 PM
 
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Default GREAT program!

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.
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Old 04-03-2007, 01:34 PM
 
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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.
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Old 04-11-2007, 01:23 PM
 
3 posts, read 16,654 times
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Quote:
Originally Posted by sliverbox View Post
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.
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Old 05-25-2011, 10:53 PM
 
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Question CCP and LPMI, are they related? Check it out 1st...

I'm trying to refinance under the HARP program after 4 years now in the Community Commitment Program thru NJ Bank of America, and I can't. I'm not sure if it has much to do with this, but BOA is telling me that I have Lender's Paid Mortgage Insurance, and that's the main reason I cannot refinance. What is LPMI? I have no idea but I think it has to do with the CCP that we are discussing. Be careful, and if no one explained it to you. I would suggest, as I have already done, file a complaint to the Banking and Insurance Commission (can be done online too), b/c BOA was suppose to disclose information on LPMI. Check to see (confirm 1st though) if you have this LPMI on your loan. BOA is researching this, and so far 3 people including a supervisor cannot find any disclosure when I 1st got the loan for the LPMI. If this is such, then BOA is in violation of federal regulations, and they need to know that we the customers aren't dumb, and want reprocusions (for our benefit of course)..

Last edited by tanedwar; 05-25-2011 at 10:55 PM.. Reason: no edit in information
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Old 05-26-2011, 10:05 AM
 
Location: Laguna Niguel, CA
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LPMI is mortgage insurance that is paid by the mortgage lender (lender paid mortgage insurance), typically through the borrower accepting a higher rate than they would have paid if they didn't opt for the LPMI and instead did BPMI (borrower paid mortgage insurance).... reason being is that with LPMI the lender pays it, and needs to make up for it by charging a higher rate to do so.

§ 4905. — *Disclosure requirements for lender paid mortgage insurance. - US § 4905. — *Disclosure requirements for lender paid mortgage insurance. - US Code :: Justia is the law on lender paid mortgage insurance disclosure.
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Old 05-31-2011, 09:09 AM
 
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Thanks, I've read a lot about LPMI, but the main issue that I want buyers to be aware of is, to make sure that the Community commitment program is explained well to them. If the commitment program warrants an LPMI, make sure that Bank of America disclose all the information to them. Find out from the lender, if you get this CCP, what happens if you want to refinance later, under a government assistance program? I don't want what is happening to me and others, happen to new home owners.
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Old 05-31-2011, 10:57 AM
 
Location: Laguna Niguel, CA
768 posts, read 4,134,835 times
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I think BofA dropped that program years ago, just after you got it.
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Old 05-31-2011, 11:39 AM
 
11,149 posts, read 14,677,959 times
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Quote:
Originally Posted by ShanetheMortgageMan View Post
I think BofA dropped that program years ago, just after you got it.

And note that the original date of this thread is more than four years old .....
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Old 06-01-2011, 05:22 AM
 
Location: MID ATLANTIC
8,206 posts, read 20,316,560 times
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Wow, deja vu.

In late 2006 I was working for a mortgage company headed down the tubes (and fast) and being lured to Bank of America with it's Community Commitment, No PMI loan. The loan had minimal requirements, low to moderate income and minimal required homebuyer education, not to mention first time homebuyers. What sealed the deal in my move to BofA was the fact I was effortlessly able to send 3 buyers there before even starting my job there.

What the fans of this program don't mention is the extreme pain borrowers and their loan officers endured to get the loan through. During it's final days, CCP was processed on the east coast by the Jacksonville Fullfillment Center. It was a true OMG experience. I've had root canals that were more fun.

What the bank didn't even tell their loan officers, let alone their borrowers, is they sought mortgage insurance on their pools of portfolio loans post-closing. This is not the same as LPMI, where the cost of insuring is added to the interest rate. This was nothing more than BofA going to Lloyds of London to insure their portfolio. In retrospect, it was a brilliant move by the bank to insure these loans. I (or my coworkers) had no idea that they even sought mortgage insurance for these loans and didn't find out until I tried to assist one of my past customers with their refinance (at BofA, after I was long gone).

The CCP was a wonderful program that gave some the break they needed for home ownership. (It was also one of th first programs to go when the mortgage crisis hit). But when it came time to take advantage of lower rates, these folks were stuck. Not only did they have a loan that was underwater, they had a loan BofA would not renegotiate due to the mortgage insurance. where the insurer would not not replace the insurance for the new loan.
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