THANK!!!!! YOU!!!! I learned that back when I bought my house. Yeah, 0 money down was offered through a credit union, BUT there were fees tacked on to that AND the interests rate was higher. A lot higher. I walked away from that offer.
First time home buyers will be saddled with an aggressively over priced mortgage that is designed to trick you and bring you into the market at the highest level and once the market falls, you will be upside down in the home most likely by $100K. This is a recipe for disaster. In the short-run it will appear to be a great idea, but in the long run when home prices fall in very late 2023 moving into 2024, when the house is $100K+++ less in value. ALSO and very important if you are renting for $2,000 per month your mortgage payment should not exceed $1,700 per month. The reason is because you need at a minimum $300 per month set aside for home repairs that many first-time homebuyers fail to recognize. Trust me this is the minimum amount you need to set aside for home repairs, many people put $500 per month to the side for major repairs that always come due. Roofs, decks, windows, HVAC, appliances, hot water tanks, etc. all need to be replaced when they deteriorate. If you do not set this money aside and an emergency comes up and you can't fix it, your home will decline in value for leaving repairs unattended.
@@shehzadalani5238 very true....the time to buy was when the interest rates were low. BOA is behaving in a predatory fashion because they know the interest rates are sky high.
BOA comes up with this when home purchases are going down due to the high interest rates. This program is one way for BOA to make $$$ in this situation. You buy a home at the high price they are right know with the current high interest rates while home prices keep on going down. They targeting minorities plus you can only buy in certain areas that unfortunately may have more crime and bad public schools, because unfortunately minority groups tend to be more concentrated in these type of areas due to low socioeconomic status that cannot afford the safer areas.
I can only speak for Los Angeles . & our so called areas are really the prime real estate in the Los Angeles which is why so called whites have been gentrifying
I submitted a application today with a mortgage lender with BOA, Sept 7th and I was told. That I needed to pay my credit cards off and I might need $4,000 to $6,000. For taxes and other cost. Needless to say they aren’t just looking at how you paid your bills. BOA need to clarify this new mortgage program.
I think it is interesting how aggressive financing is introduced once house prices become out of reach for most individuals or families, like zero down programs, no minimum credit score programs, and high debt-to-income ratio programs. So, now that house prices have peaked and coming down in some areas, let’s give 100% financing with high DTIs at the top of a market. No matter where the programs are being offered, sounds like a recipe for disaster. I don’t think anybody should get stuck in these high ratio programs in this current economic environment of persistent inflation.
I was elated when I first heard this. I live in Dallas. However, I work for a bank and know the market right now. I know it's the worst time. However with skyrocketing price of rent it may even out. In Dallas rentals are $2500 the same as a mortgage.
🤔 I'm struggling to understand the hypocrisy here. Yes I understand the banks are trying to encourage people to finance that's typically how they make their money off of Interest. However I know there is a benefit for the bank I just don't see it... no money down, no interest, and the bank is not focused on your credit score but your payment history. What you qualify for will be based off of the things you are able to pay now correct? They are targeting people whom already live in a particular community correct; so instead of paying $2,500 for a rental to your landlord you can pay $2,000 directly to the bank. I'm not fully understanding everyone's outrage.
@@allyb4298 So, why not offer these programs when houses are actually affordable? Why wait to offer this type of lending when house prices reach all-time highs?
This is a program similar to how I got my house but it was a different bank and I live in Missouri, it was 0 down, lender paid closing, no pmi and my loan was conventional...closed on my house back in April
I dont think itll be that fast as long as BOA strictly enforces the first time homebuyers policy and closes any loopholes. But its BOA so...here's hoping
Agreed with gentrification. Key for us is paying off the mortgage ASAP, by doubling up on jobs and marriage to someone similar. Then helping as many others in the family to do the same thing, through life... Only the biggest houses in the DMV area cost $30k yearly in taxes plus utilities of $5k??? Then groceries are $3k yearly per person. For 10 people, 65k or under 7k per person?!?!? Then those 10 can help others repeat this??? We did this but it takes persistence...
Sorry and in these neighborhoods , gentrification is bad? I am tired of being in areas where savages ruin things for my family. It would be nice for once to be able take a walk in my neighborhood without worrying about if they’ll be safe. I am in Detroit and some of The homes are so beautiful, but again these worthless savages make it a nightmare.
@@TearraC before Vietnam war, poor black American people weren't murderous savages. The government needs to hire black American people who have doctorate degrees and have solutions for the crisis we're seeing among our young people today.
@@economicdevelopmentplannin8715 Marriage?! Please...If I needed to get married to own my first home I'd be in really bad shape-I'm certainly not interested in that headache!!! 😆 The market for homes is looking way better than the husband market 🤣🤣🤣!! I'm good.
I work for BOA and I was pre approve on Thursday. Now when I was done with everything at closing I would have to pay taxes and insurance which was a total of $3,138.09 which I have. So you do have to be in a homebuyers class that has to been shown to BOA I start Sept 20. So we will see and I am with my realtor now looking for a house that works for me and my daughter. Yes!! My interest is kinda high I ain’t gonna lie but the rent I pay here. I need to be in a home!! It’s 50% with the debt to income rational. I have only my car and student loan.
@@yolenelofton6068 So your loan officer will give you a list of homebuyers class and you can pick one. I have a list of three. It’s every Tuesday from 12pm to 2:00pm starting on Sept 20. The last class end Oct 25
They’re targeting the areas they denied they still red line in. I grew up in one, it’s a Latino barrio and my sister and cousin actually did family-to-family private lending bc banks would give them much larger mortgages in OTHER neighborhoods but not in our ‘hood.
Its still redlining but in a sneaky way. If they want to close the wealth gap they would allow minorities assistance to get into areas where the homes appreciate and the schools are good.
NACA wasted my time and money. It works in certain cities but not Phoenix, AZ where only two people work in the office. It was a stressful experience. I got to the end and because my paperwork sat for 3 weeks and my emails went unanswered, I lost out on my brand new home. I can't wait until this program becomes available in Phoenix. Thank you for sharing!
You’d have to be a fool to take out one of these loans. Nothing is ever this “free”. Banks will have to keep these loans on the books this time around(unlike 2008), but don’t think for a second that they’ve become saints all of a sudden and haven’t built in protections for themselves. Also housing prices have begun to fall in A LOT of places across the US. This is all a ploy to get people excited to purchase homes that are still way overpriced. DON’T DO IT!
Yeah it's called PMI or another government bailout. Also,do you know how much rentals are going for? In Dallas, On average $2500-5000/a month. Over 30 years that's a home. Some people are paying $600 less than that including pmi taxes and insurance. While the loan is more than likely shady I'd rather struggle to pay mortgage instead of rent.
@@renaissancewoman100 Fair, but the OP is right about BoA. This is a scam for them to ensure they continue to make money - either from the traditionally unqualified homebuyer or the US Government. Don't think for a second that these guys haven't vetted this plan and have multiple ways to screw regular people. But I guess if it's your only option, you might want to take advantage of it. Just remember to watch the interest rates and actual value of the home you're purchasing. We are coming into a significant economic slowdown the real estate market is over-inflated. For example, it would suck to owe on a home appraised at 300k that you purchased for 500k. If that happened, you'd be underwater and more broke than the long-term renter.
@@renaissancewoman100 If you’re going to take this route be extremely careful. Our economy is in a really precarious situation right now with a pretty unavoidable recession that could possibly escalate into a depression. Trust me, I get it (I rent in S. Tampa FL, the most expensive area of Tampa), rent prices are out of control, but jumping into a “cheaper” mortgage because rent is so high puts you on the hook for far greater risk. Bank of America isn’t going to give you low fixed rate while not collecting anything on the front end of this deal. It’ll be an ARM that will balloon at the slightest sign of issues with the economy. You’ll be wishing for a high rent price if you get stuck in that sort of predicament. My other issue with this new plan is that it will force you to purchase a home in a low income area, not that nice subdivision 15 minutes away. With housing prices still being out of control, locking yourself into a mortgage with a non-fixed rate when the economy could potentially implode at any moment is a potential death trap. Please be careful, or, and I’m sure you don’t want to hear this, you may need to consider moving to a more affordable area/state.
Lol 😂 I’m in miami so many ppl are moving here is ridiculous. Our car insurance was raised due to all the ppl Moving here is frustrating is so crowded here .
This is not a new concept, there have always been incentives to get people to move to certain areas, the community reinvestment act has been in place for many years but usually smaller regional banks had the progras that are 100% financing/No PMI, they still had closing costs for those loans. The average home in Alpharetta is about $750K and say Jonesboro is about $275K. If your income supports an approval for $750K you should not need any program to purchase a home. At every income level black people should own where they live in much higher numbers, the homeownership rate for black Americans is currently at 43%. If you are living there anyway - own it, if you are going to live anywhere long term - own it. There are some people renting in the same communities for over 20 years. I am not pushing any one program or mortgage, use what you can if you need it. I did a full video on USDA Direct. The government has been subsidizing mortgages for years for low income buyers in Rural Communities, 100% financing and paying a portion on the mortgage to get them to move to rural areas. Do what is best for you - But own where you live. USDA Direct - th-cam.com/video/tifb3Euv3Vg/w-d-xo.html
Sounds like a return to the sub-prime predatory lending that led to the 2008 market crash. What happens if people taking out these loans actually cannot afford home ownership? What happens to these communities after banks gain ownership through foreclosure? Gentrification and a further reduction in available low-income housing? I'm 66 and have seen too many programs that sound good at first but end up being very harmful.
I did. I’ve done research on this as well. They don’t take into account your credit score. I can have a lot of money but if my credit history says otherwise, then what does it matter. I bet you there were a lot of good intentioned families who had money but were obviously not qualified for those loans back in 2004-2007. These are subprime predatory loans that I believe will not be flat interest, just like 14-17 yrs ago. How did that turn out?
Lol I'm one of many that wishs to see house prices to come down/crash like never been before (less than 2008) I was poor to afford my own house for long time means since 2008 lol back then have no $$ & now I saved as much as I can to put cash for down payment & to pay less monthly mortgage!! Unfortunately the house price went up more than I can imagine & right now the way it's going is not reality for me to afford a simple house!😕 I hate not to see well down crashes on houses for the sake of people like me who is waiting for a long time just to own a single family home. I did the comment above from my long time experience. Sure! Am I be dead wrong 😕 & if I offend someone out there I apologize, please forgive me!!
@@deehope9477 THANK YOU FOR REPLYING BACK. RIGHT NOW, THE ONLY POSITIVE ADVICE I WOULD GIVE ANYONE INTERESTED IN BUYING A HOME IS TO WAIT UNTIL THEY CAN AFFORD TO BUY A HOME AND MOVE INTO A NEIGHBORHOOD OF THEIR CHOOSING. THIS IDEA WITH BANK OF AMERICA IS SO STUPID!!! THIS IS A WAY OF KEEPING RACES SEGREGATED. I WOULD ONLY BUY INTO A POOR NEIGHBORHOOD IF I WISH TO BUY IN A POOR NEIGHBORHOOD. NOT UNDER PRESSURE THAT I CAN ONLY BUY IN A POOR NEIGHBORHOOD BECAUSE BOA WILL ONLY GIVE ME A LOAN TO DO SO. THERE IS NOTHING WRONG WITH BUYING IN A POOR NEIGHBORHOOD, BUT LET ME MAKE THAT DECISION. SECONDLY, BOA KNOWS HOUSES ARE EXPENSIVE, AND INTEREST RATES ARE HIGH, THIS IS HOW BOA CAN CONTINUE TO MAKE MONEY OFF THE POOR IF YOU MISS 1 MORTGAGE PAYMENT. PLUS... THIS PROGRAM DOES NOT HAVE MORTGAGE INSURANCE, MISS A MORTGAGE PAYMENT--HOMELESS. DON'T EVER BUY A HOME W/O MORTGAGE INSURANCE. MY ADVICE TO ALL, KEEP SAVING FOR YOUR HOUSE, PAY OFF ALL YOUR CURRENT BILLS, AND WATCH THE MARKET. GOD BLESS ALL!
We've learned a lot. That's the point to educate yourself. The majority of people watching this do not want to continue to rent for the remainder of their lives. Start somewhere and use the resources afforded to you.
This is the time to do whatever you can to not buy property, wait, it will be worth it ,the loans are a trap once prices come down, and they will ,you will NOT be able to refinace and you will pay for a house that lost thousands in value.
I don't know if they've changed but the last program they had you were limited as far as how much house you can get the last time it was $175,000 and that's not going to get you much of a house these days.
It depends on the area and your income. So check in the city you are applying for I recommend going into a local branch if you are in one of these areas. If not you can just apply online through the mortgage portal and then when I representative contacts you, make sure you let them know you want to use this program. www.bankofamerica.com/mortgage/affordable-housing-programs/
💯agree. This program is not only a recipe for disaster for blk and bro ppl, but will keep home prices elevated so the banks will continue to profit. In the end, it’ll be a win win for the banks bc they’re too big to fall. They care nothing about the poor. Corruption at its best
A BOA underwriter was on with MG The Mortgage Guy and stated the program offers 3% or up to $10,000 (whichever is less), there is an income limit as well and of course you have to live in a low income neighborhood. As a former financial advisor I dont believe this helps a person stay in a home, credit is the result of actions and a home requires money for maintenance, people need to know how to save money. The underwriter also said they will use 1 year of payments to determine worthiness.
Thank for the update. Isn't it more in LA in Miami? I can't see how they have the same Down payment amount in all markets. I'll look at the video. Thank you
So I continuously see everyone say this is a recipe for disaster but I'm not fully understanding why. Boa is targeting people who already live in a particular type of community correct? No money down, no interest, and no particular credit score required. If you were paying $2,500 to your landlord in rent and now you can pay $2,000 to the bank directly why is this a negative? I'm not fully understanding the outrage. Or how the banks are truly benefiting. I absolutely understand there is a benefit in it for them otherwise it would not be an option but why is this a negative for the payee?
@@allyb4298 in most hoods they aren't paying $2500 rent. Also with a house there's taxes, homeowners insurance. Utilities are more and unexpected expenses will definitely set a person back who's low income. It's a recipe for disaster, plus what are the interests rates. They aren't doing this cuz they like minorities,there's always a catch.
This shouldn't be community based if I understand it correctly. It should be people based. And black americans were the #1 victims of redlining by a large margin. But they have to figure a slick way to include Hispanics into it because you can never do anything just for black americans. It's taboo apparently.
@@grantedhehasthebabyskin2435 African Americans are a very specific, solid, homogenous group of people that have collectively faced the worst discrimination this country has to offer with a shared history. "Hispanics" are a heterogenous group of people from different countries in latin america only linked by language. Cubans for example have a high % of registered republicans. So you can't say all hispanics face discrimmination when some of them can easily classify as white.
Their motivation is the interest that BOA will make from these loans. With rents being so high, most people can truly afford a mortgage. The issue people have is coming up with the down payment, closing cost and all that expenses that comes with getting a mortgage payment. BOA is cutting the upfront costs and helping people achieve homeownership. I think it's an excellent move for BOA as well as the customers. This is definitely a win win situation for both parties.
@@obaaAkos02 Interest? The bank will sell these loans before the ink is dry. They want to move real estate at these crazy prices ; buyers will have instant negative equity. Bad deal for the customer. Stay away from this. It is almost as bad as the ninja loans of 2007.
@@ananda_miaoyinI see where you're coming from. Yea, they sell the loans but they do make some money when they sell. Remember paying rent is ZERO equity along with the instability. People, especially those with kids want a stabilize home for their family and it starts with homeownership. If the buyers plans to stay in the home for the long haul (5 or more years), I think they will be fine. I will not rent if I had the opportunity to own. Renting is money lost. Even with if the markets goes down, it will repair it with time.
If you think about it, all of these cities except maybe Detroit & Charlotte have huge Latino populations. So, it looks like brown is the biggest target.
All the banks did something like this in 06 and 07 before the recession hit. You give zero interest loans to people who don't really know about credit and when they can't pay back they have a judgement bank snatches the house and your credit is ruined forever. It sounds good but think first.
Great video! Here in Texas people can also look at TSAHC, SETH, and TDHCA for options with down payment and closing cost assistance. Most do not even require they be first-time homebuyers.
I don't trust it. Sounds like a nightmare in the making. I, especially don't trust BOA. They were my first bank as a senior in HS and it was a nightmare! Horrible experience. I didn't start liking banks until l started banking with my credit union.
@@Alex-dn5hi There is more opportunity to buy real estate in a down market. Some people have very secure employment and buy homes when values come down. But you aren’t experienced enough in real estate to know that. I’ve being working in the industry for 15+ years.
I’m with Naca now and they do require for you to have some money from down payments. They like to advertise that no down payment but once you’re in the program the counselor will work with you to budget for a couple of months or years to save for that down payment.
So happy I ditched that social justice bank. Having a home is not something your entitled to or deserve just because you simply exist, it is something that is typically earned through hard work, and perseverance.
I'm glad that I have a VA Home Loan, this is the only true Zero down home loan in this country. Please people don't trust BOA... 2 things you should never forget. 9/11 and 2008.
Let’s call it what it is. Keeping minorities in their place. Unless people are free to buy wherever with this program it’s racism and predatory lending.
Would this be the next best combo of 100% financing w/ no PMI + DPA and Closing Costs/Rate Buy-down credits and/or subsidy option for something similar to the NACA program, given that NACA has questionable organizational efficacy and closing times?
There are several programs to incentivize people to buy in certain areas, so not steering. This is also not a program for a specific race - it is open to anyone in those areas. Redlining is when you deny a loan based on refuse (a loan or insurance) to someone because they live in an area deemed to be a poor financial risk. Thanks for watching!
Curious to see what determines the "area/markets/neighborhood" because oftentimes ppl may live in these"select locations" but don't want to buy in that neighborhood! They want to live in a better place 🧐
Bank of America was actually founded by an Italian American in 1904. A minority of its own in that time. It was actually called bank of Italy. It’s purpose was to serve the Italian working class however they accepted everyone in the working class. Was actually the first to start business loans too.
We have every right to be skeptical knowing the history, but if this can possibly help someone then they need to put this program as one of their options. As always, thanks for watching!
I tried to take advantage of BOA's 17,500 down payment assistance program. They gave me hell. I went with another lender. They asked me where I lived the past two years which is a normal thing on a loan application. I told them and they harassed me repeatedly about where I lived. Then, I spoke to a supervisor because I did not like the service I was getting and he told me I gave them an address that I NEVER put down on the loan application. Come to find out someone opened a checking account in my name using an addressed that I haven't live at for over 5 years. It was such an awful experience I changed my mind about doing business with them. Now, I have to figure out who opened this checking account in my name because they aren't helping me with this matter at all!
@@JANET.DELGADO I originate loans for BofA. I’ve had about 30 people talk to me over the last 4 days. I spend a long time going over pros and cons for each. No program is perfect and it’s important to understand that. I suggest talking to a loan officer, have them give you a quote on the rate and the true cost to close. They can also help find properties that might qualify.
I already went to speak with a representative of the Bank of America and they came up with the story that if I wanted to apply to this program, first I had to pay the debts that did not take into account the credit score but that if I had debts they would not approve me, that program is pure story. First, the one who is going to ask for down payment assistance is because he has no money and has debts. like everything they offer in this country and at the moment of truth they do not come out with anything. don't go there to waste your time.
Still a little risky no indicators of the interest on that loan and also possible Equity risk I don't trust it, especially when boa went under that law suit situation a few years ago
I keep hearing that the pricing g for housing will drop in late 2023 and 2024. So if that happens I'll be ready to move. I've been working on my credit and by then it should be super decent. I'm looking to move to charlotte so I was interested in this boa loan when I heard about it. Thanks for the info.
Nobody read the fine print... In the fine print, it says this program is for people of all races that are 1st time homebuyers & that meet a certain income criteria...
This is a recipe for disaster. Remember sub prime mortgage frenzy in 2005 to 2008 where you didn't need credit nor a job to buy a home? Remember how that went
It could be a trap. Buy a home far cheaper than you think you can afford. We are near the edge of a cliff when it comes to home prices and mortgage rates are extremely high.
Do you know if there is a Down Payment Limit in LA?
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start warning your friends to not buy a home using this deal.. it is meant to fail.. and tell them to ignore this video.. there are a lot of black and hispanics that dont understand the repurcussions of this.
Hello, Are these programs in Phoenix or Scottsdale, Arizona? I'm a Spanish person, low income getting $20.51 per hour. Working for the Scottsdale Unifed School District for 20 years. 61 years old. I can't qualify to buy a house because im a low income People. I'm paying $1800 per month for a rental house. I really don't want to live in dangerous areas. Thanks for your information. Laura
YOU ARE BEING TARGETED THEY WILL GIVE LOANS TO PEOPLE WHO CANT AFFORD TO PAY THEM BACK AND THEN THEY COLLECT THROUGH INSURANCE. THIS HAPPENED RIGHT BEFORE 2008 RECESSION. DO YOUR HOMEWORK.
@@missbttrsctch Correct, but this program is only offering specific homes they didn't mention AFFORDABLE homes eiher in certain locations. This ain't nothing but the old car dealership trick, giving someone a $30k-44k car loan who probably doesn't make that amount on their annual salary.
What black people should do is immediately leave bank of America and go somewhere else. They are openly trying to screw you over under the guise of help. This is no different than what democrats have been doing for decades. Remember all media is owned by democrats social media cnn msnbc Google too. It's so easy for them to lie and people believe it because they don't know how to fact check.
Make sure you research, verify and confirm everything that you're hearing and listening to.....⛽⛽⛽ The banking industry has a very messy and toxic history ☢️☢️☢️... So make sure you have someone fully have you understand what you're signing and what your agreeing to?... Banks are in business to make money and not acknowledge or take responsibility for their actions and behaviors...💭💭💭💭
Thank You so much my husband and I are older and on disability but we’ve never owned a home in fact he never used his GI benefits. We wanted to move to Florida and this program sounds wonderful, do you think they would approve disability income?
Be very careful. This type of mortgages was around in the 1980s 1990s and many people lost their homes. They got mortgages that climbed at higher interest rate and they couldn't make payments. If you qualify don't purchase a $200,000 home when you can only afford one for $100,000. They will qualify people for higher mortgages they can't afford. This happened in the 1980s. The bank makes money either way.
Yes, they will but remember the lower your income the less you will qualify for. So you will likely qualify but not for that much. You should also look into USDA Direct - th-cam.com/video/tifb3Euv3Vg/w-d-xo.html
Thank you I will I am worried that they will try to make up take a variable rate. I know that’s how so many people lost their homes and ended up owning more than the homes were worth
Usually the requirement is at least one year. @jleviathon111 Thanks for watching! Avoid Costly Mistakes by Buying My First Time Homebuyer Masterclass and Digital Confidently Closed Handbook - bit.ly/47s4pT7
What you people fail to see is the prices of these homes are insane. Barely anyone is buying and mostly everything is for sale. "The house never looses".
I wish this new program from BOA was available in NJ. I'm going through NACA now and it's really taking so long eventhough I have everything in order clean record with all my bills paid on-time , no dept and enough savings ; in other words im a very responsible person. Great video!
NACA is not no money down. I just did my course last summer. You have to come out of pocket approximately $3500-$5000 with NACA...they make you pay for closing costs and insurance.
There are several programs to incentivize people to buy in certain areas, it is not redlining. This is also not a program for a specific race - it is open to anyone in those areas. Redlining is when you deny a loan based on refuse (a loan or insurance) to someone because they live in an area deemed to be a poor financial risk. Thanks for watching!
Yeah, this sound amazing....but what about the other folks that work so hard in there intire life trying to make their dream become a reality to be a home owner but because your not black or mexican "community'" sounds very unfair and so racist/ segregation....sounds like more a political agenda 🤔 just my .2cents my 1st amendment pls no hate response to my comment ❤️ 🙂
They know the people they are targeting are going to hop on this if you can’t afford to get your credit together a down payment or PMI then you can’t afford a home yet wait until GOD bless you when you are ready save and don’t force homeowner ship the long run will hurt you
Before you buy, I encourage you to watch the TH-cam channel, Council on Foreign Relations, "Panic: The Untold Story of the 2008 Housing Crisis" 🤔 NPR also has a 4 or 5 part series that explains what EVERYONE did to participate in crashing the housing market whether purposely or through ignorance and they took people's homes that could afford them, along with the people who couldn't. I recommend both documentaries. Right now, the American people cannot afford to be swindled out of anything. Let us through knowledge and understanding stay in recovery mode. If you're struggling to pay rent, how will you not lose your homes? A lot of empty rental and home inventory, because the prices are too high for renters/buyers doesn't do the any good either. These markets have to adjust themselves..wait! 🤷😊❤️🙏
I saw that video in economics class...The financial meltdown or something like that...My mouth dropped. The whole works was in crisis from that mess starting in 2008 Cali. A bunch of lOU tossed around on the stockmarket 😳
Hello Mark. I'm actually going through this program now. It's for homes in Wayne County, which includes Detroit. So Royal Oak wouldn't qualify since it's in Oakland County. Hope this helps!
Detroit needs it....badly. Gentrification pushed me out my apartment I had for 3 years. Ever since then I been homeless, struggling, and bouncing from place to place. I'm definitely calling BOA today!
Very bad loan this is exactly what they did in 2007-2008 an everyone who took this style loan from B of A got totally wiped out. It's a predatory loan you will regret it.
This is the most blatant example of predatory lending ever. They are dumping their bad debt off into the least likely to be able to keep up with their debt load with the worsening recession and depression.
Those who forget their history are condemned to repeat it. It's the 2008 financial crisis all over again. BofA sure isn't doing this out of the goodness of their hearts. I would sure like to know how safe these neighborhoods are. What are the interest rates on these loans? If its too good to be true, it usually is.
😁😁😁So true. Some people here either weren't born then or too young to know. There are suckers born everyday. A child born in this day will likely be a victim of the "three card man ". when they grow up because no one is talking about them anymore.
Ok, can I use my section 8 voucher. Now I live in New your and was looking to move to Raleigh, NC or Charlotte. I am actually registered to NACA in Charlotte. So I would have to call BOA in Charlotte and rent and apartments or house in the meantime. Because I have to turn over my renters voucher into homeownership.
You would have to check with the housing authority in NC to see what option you would have. This BOA program does not work with section 8. Thank you for watching.
Well, I am working with NACA,and my counselor said yes. BUT, I have move south and switched from renting section 8 to homeownership voucher. I can't do it here in NYC. Only if I am buying a house in NYC.
Hi, Im trying to do the BOA Community Affordable Assistance and I finished the class today and you have to do the counseling and theres not an opening until Nov (through BCL). Im trying to figure out if I have to use a BOA loan officer or if I can stay with my broker? Love your content.
Thank you. Update: I finished the course and credit counseling and got the “mortgage ready” certificate. I then talked with a loan officer and was approved for 270k loan with a monthly cost of 3,040.00 @ 7.5% interest. I cant make this up
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There is no such thing as a zero down mortgage you will pay even when you think you not.
You receive a 1099 so you will have to pay taxes on that DP
there is for VA/USDA Loans
THANK!!!!! YOU!!!! I learned that back when I bought my house. Yeah, 0 money down was offered through a credit union, BUT there were fees tacked on to that AND the interests rate was higher. A lot higher. I walked away from that offer.
If it’s BOA be careful they are shady as hell
I was able to get a loan of 10k without collateral last week through an Atlendis crypto loan agent, Nancy. And man I really needed that money.
Proceed with caution family with this program. BoA is not the most trustworthy financial institution. Ijs
First time home buyers will be saddled with an aggressively over priced mortgage that is designed to trick you and bring you into the market at the highest level and once the market falls, you will be upside down in the home most likely by $100K. This is a recipe for disaster. In the short-run it will appear to be a great idea, but in the long run when home prices fall in very late 2023 moving into 2024, when the house is $100K+++ less in value. ALSO and very important if you are renting for $2,000 per month your mortgage payment should not exceed $1,700 per month. The reason is because you need at a minimum $300 per month set aside for home repairs that many first-time homebuyers fail to recognize. Trust me this is the minimum amount you need to set aside for home repairs, many people put $500 per month to the side for major repairs that always come due. Roofs, decks, windows, HVAC, appliances, hot water tanks, etc. all need to be replaced when they deteriorate. If you do not set this money aside and an emergency comes up and you can't fix it, your home will decline in value for leaving repairs unattended.
Well no crash is coming people still buying in this hot market and will continue to grow its sad 😢 people waiting will keep waiting to buy a home
@@shehzadalani5238 very true....the time to buy was when the interest rates were low. BOA is behaving in a predatory fashion because they know the interest rates are sky high.
Hello, can you please tell me the name of the real estate school offered for online? Thank you for your time
I agree but an even bigger problem is the Super high priced rental properties that are rising each year.
Remember you can refinance for a better interest rate. You can’t renegotiate the price of your home.
BOA comes up with this when home purchases are going down due to the high interest rates. This program is one way for BOA to make $$$ in this situation. You buy a home at the high price they are right know with the current high interest rates while home prices keep on going down. They targeting minorities plus you can only buy in certain areas that unfortunately may have more crime and bad public schools, because unfortunately minority groups tend to be more concentrated in these type of areas due to low socioeconomic status that cannot afford the safer areas.
Perfect sense ,I agree
Totally makes sense.
I can only speak for Los Angeles . & our so called areas are really the prime real estate in the Los Angeles which is why so called whites have been gentrifying
Thoughts exactly! Why did I say this sounds suspicious to me let me look into this!
Discrepancy
I submitted a application today with a mortgage lender with BOA, Sept 7th and I was told. That I needed to pay my credit cards off and I might need $4,000 to $6,000. For taxes and other cost. Needless to say they aren’t just looking at how you paid your bills. BOA need to clarify this new mortgage program.
Thank you for sharing
May I ask what the price range of home the $4,000-$6,000 is needed? Thank you in advance.
Not bad I say
@@ShaheedahHill I have a quick question, if your credit cards are closed, do you still need to pay them off before applying? Thank you!
@@evsvdb good question
I think it is interesting how aggressive financing is introduced once house prices become out of reach for most individuals or families, like zero down programs, no minimum credit score programs, and high debt-to-income ratio programs. So, now that house prices have peaked and coming down in some areas, let’s give 100% financing with high DTIs at the top of a market. No matter where the programs are being offered, sounds like a recipe for disaster. I don’t think anybody should get stuck in these high ratio programs in this current economic environment of persistent inflation.
How soon we forget / ignore history.
2004-2007- then a crash 08-09
I was elated when I first heard this. I live in Dallas. However, I work for a bank and know the market right now. I know it's the worst time. However with skyrocketing price of rent it may even out. In Dallas rentals are $2500 the same as a mortgage.
🤔 I'm struggling to understand the hypocrisy here. Yes I understand the banks are trying to encourage people to finance that's typically how they make their money off of Interest. However I know there is a benefit for the bank I just don't see it... no money down, no interest, and the bank is not focused on your credit score but your payment history. What you qualify for will be based off of the things you are able to pay now correct? They are targeting people whom already live in a particular community correct; so instead of paying $2,500 for a rental to your landlord you can pay $2,000 directly to the bank. I'm not fully understanding everyone's outrage.
@@allyb4298 So, why not offer these programs when houses are actually affordable? Why wait to offer this type of lending when house prices reach all-time highs?
This is a program similar to how I got my house but it was a different bank and I live in Missouri, it was 0 down, lender paid closing, no pmi and my loan was conventional...closed on my house back in April
What bank was that?
@@zuhuribeauty2072 central bank of the Midwest
This sounds risky with a declining market. Also, since it's for a neighborhood and not for minorities, I see a lot of gentrification coming from this.
I dont think itll be that fast as long as BOA strictly enforces the first time homebuyers policy and closes any loopholes. But its BOA so...here's hoping
Agreed with gentrification.
Key for us is paying off the mortgage ASAP, by doubling up on jobs and marriage to someone similar. Then helping as many others in the family to do the same thing, through life...
Only the biggest houses in the DMV area cost $30k yearly in taxes plus utilities of $5k??? Then groceries are $3k yearly per person. For 10 people, 65k or under 7k per person?!?!?
Then those 10 can help others repeat this???
We did this but it takes persistence...
Sorry and in these neighborhoods , gentrification is bad? I am tired of being in areas where savages ruin things for my family. It would be nice for once to be able take a walk in my neighborhood without worrying about if they’ll be safe. I am in Detroit and some of
The homes are so beautiful, but again these worthless savages make it a nightmare.
@@TearraC before Vietnam war, poor black American people weren't murderous savages.
The government needs to hire black American people who have doctorate degrees and have solutions for the crisis we're seeing among our young people today.
@@economicdevelopmentplannin8715 Marriage?! Please...If I needed to get married to own my first home I'd be in really bad shape-I'm certainly not interested in that headache!!! 😆 The market for homes is looking way better than the husband market 🤣🤣🤣!! I'm good.
I work for BOA and I was pre approve on Thursday. Now when I was done with everything at closing I would have to pay taxes and insurance which was a total of $3,138.09 which I have. So you do have to be in a homebuyers class that has to been shown to BOA I start Sept 20. So we will see and I am with my realtor now looking for a house that works for me and my daughter. Yes!! My interest is kinda high I ain’t gonna lie but the rent I pay here. I need to be in a home!! It’s 50% with the debt to income rational. I have only my car and student loan.
Thanks for sharing.
Can you take any homebuyers course?
This is extremely insightful! Do you mind sharing the approximate interest rate?
@@MCMacMini yes so my interest rate is a 7.000%
@@yolenelofton6068 So your loan officer will give you a list of homebuyers class and you can pick one. I have a list of three. It’s every Tuesday from 12pm to 2:00pm starting on Sept 20. The last class end Oct 25
This is a predatory move by BOA. Fix the interest or dont even think about it.
It is fixed
They’re targeting the areas they denied they still red line in. I grew up in one, it’s a Latino barrio and my sister and cousin actually did family-to-family private lending bc banks would give them much larger mortgages in OTHER neighborhoods but not in our ‘hood.
Lets taco bout it.
@@andred3299
Predatory loans have always been around.
Its still redlining but in a sneaky way. If they want to close the wealth gap they would allow minorities assistance to get into areas where the homes appreciate and the schools are good.
This 2 though…..
@@copperpenny7639 thank you!! 💯
NACA wasted my time and money. It works in certain cities but not Phoenix, AZ where only two people work in the office. It was a stressful experience. I got to the end and because my paperwork sat for 3 weeks and my emails went unanswered, I lost out on my brand new home. I can't wait until this program becomes available in Phoenix. Thank you for sharing!
Thanks for watching!
You’d have to be a fool to take out one of these loans. Nothing is ever this “free”. Banks will have to keep these loans on the books this time around(unlike 2008), but don’t think for a second that they’ve become saints all of a sudden and haven’t built in protections for themselves. Also housing prices have begun to fall in A LOT of places across the US. This is all a ploy to get people excited to purchase homes that are still way overpriced. DON’T DO IT!
Yeah it's called PMI or another government bailout. Also,do you know how much rentals are going for? In Dallas, On average $2500-5000/a month. Over 30 years that's a home. Some people are paying $600 less than that including pmi taxes and insurance. While the loan is more than likely shady I'd rather struggle to pay mortgage instead of rent.
@@renaissancewoman100 Fair, but the OP is right about BoA. This is a scam for them to ensure they continue to make money - either from the traditionally unqualified homebuyer or the US Government. Don't think for a second that these guys haven't vetted this plan and have multiple ways to screw regular people. But I guess if it's your only option, you might want to take advantage of it. Just remember to watch the interest rates and actual value of the home you're purchasing. We are coming into a significant economic slowdown the real estate market is over-inflated. For example, it would suck to owe on a home appraised at 300k that you purchased for 500k. If that happened, you'd be underwater and more broke than the long-term renter.
@@renaissancewoman100 If you’re going to take this route be extremely careful. Our economy is in a really precarious situation right now with a pretty unavoidable recession that could possibly escalate into a depression. Trust me, I get it (I rent in S. Tampa FL, the most expensive area of Tampa), rent prices are out of control, but jumping into a “cheaper” mortgage because rent is so high puts you on the hook for far greater risk. Bank of America isn’t going to give you low fixed rate while not collecting anything on the front end of this deal. It’ll be an ARM that will balloon at the slightest sign of issues with the economy. You’ll be wishing for a high rent price if you get stuck in that sort of predicament. My other issue with this new plan is that it will force you to purchase a home in a low income area, not that nice subdivision 15 minutes away. With housing prices still being out of control, locking yourself into a mortgage with a non-fixed rate when the economy could potentially implode at any moment is a potential death trap. Please be careful, or, and I’m sure you don’t want to hear this, you may need to consider moving to a more affordable area/state.
I get the impression these loans are for areas that people are moving out of, not into.
Lol 😂 I’m in miami so many ppl are moving here is ridiculous. Our car insurance was raised due to all the ppl
Moving here is frustrating is so crowded here .
oh hell naw!!!!!!!!!!!!!!!!! I'd never take that deal!!! They want you to hold that bag coming up!
This soundstoo good to be true. No PMI really peaks my interest. Only con is I wouldn't want to be limited to where I live.
Sounds like redlining to me. Sooo I can use this program to purchase a home in Clayton County but stay away from Alpharetta? (Referencing Atlanta)
They can do it to themselves but non blacks or hispanics can't lol
This is not a new concept, there have always been incentives to get people to move to certain areas, the community reinvestment act has been in place for many years but usually smaller regional banks had the progras that are 100% financing/No PMI, they still had closing costs for those loans. The average home in Alpharetta is about $750K and say Jonesboro is about $275K. If your income supports an approval for $750K you should not need any program to purchase a home. At every income level black people should own where they live in much higher numbers, the homeownership rate for black Americans is currently at 43%. If you are living there anyway - own it, if you are going to live anywhere long term - own it. There are some people renting in the same communities for over 20 years. I am not pushing any one program or mortgage, use what you can if you need it. I did a full video on USDA Direct. The government has been subsidizing mortgages for years for low income buyers in Rural Communities, 100% financing and paying a portion on the mortgage to get them to move to rural areas. Do what is best for you - But own where you live. USDA Direct - th-cam.com/video/tifb3Euv3Vg/w-d-xo.html
Precisely. Oopsie we took away your polling station in that area.
Black people still live in Alpharetta, Doll. I did as well before moving to Texas.
@@mkb5984 I didn’t say blk people didn’t live there. You’re actually proving my point 😂
Great information Shaheedah, as always. Thank you!!!!!
My pleasure!!
Sounds like a return to the sub-prime predatory lending that led to the 2008 market crash. What happens if people taking out these loans actually cannot afford home ownership? What happens to these communities after banks gain ownership through foreclosure? Gentrification and a further reduction in available low-income housing? I'm 66 and have seen too many programs that sound good at first but end up being very harmful.
i agree.
They just don’t get it. It’s like history don’t exist
Did you not watch the whole video? They have an income requirement
I did. I’ve done research on this as well. They don’t take into account your credit score. I can have a lot of money but if my credit history says otherwise, then what does it matter. I bet you there were a lot of good intentioned families who had money but were obviously not qualified for those loans back in 2004-2007. These are subprime predatory loans that I believe will not be flat interest, just like 14-17 yrs ago. How did that turn out?
Banks are not in business to help out the community.
SOUNDS LIKE A RECIPE FOR THE 2008 HOUSING CRASH!!!!!!
Lol no, & no, the 2008 crash will never comes back again!! It was a lesson that no one forget to make it happen again!!
@@deehope9477 HOW DO YOU KNOW THE FUTURE? IF YOU CAN PREDICT, WHAT WILL BECOME OF GAS PRICES IN 2023?
@@deehope9477 Ugh the crash is imminent at this point. You must be asleep?
Lol I'm one of many that wishs to see house prices to come down/crash like never been before (less than 2008) I was poor to afford my own house for long time means since 2008 lol back then have no $$ & now I saved as much as I can to put cash for down payment & to pay less monthly mortgage!! Unfortunately the house price went up more than I can imagine & right now the way it's going is not reality for me to afford a simple house!😕 I hate not to see well down crashes on houses for the sake of people like me who is waiting for a long time just to own a single family home. I did the comment above from my long time experience. Sure! Am I be dead wrong 😕 & if I offend someone out there I apologize, please forgive me!!
@@deehope9477 THANK YOU FOR REPLYING BACK. RIGHT NOW, THE ONLY POSITIVE ADVICE I WOULD GIVE ANYONE INTERESTED IN BUYING A HOME IS TO WAIT UNTIL THEY CAN AFFORD TO BUY A HOME AND MOVE INTO A NEIGHBORHOOD OF THEIR CHOOSING. THIS IDEA WITH BANK OF AMERICA IS SO STUPID!!! THIS IS A WAY OF KEEPING RACES SEGREGATED. I WOULD ONLY BUY INTO A POOR NEIGHBORHOOD IF I WISH TO BUY IN A POOR NEIGHBORHOOD. NOT UNDER PRESSURE THAT I CAN ONLY BUY IN A POOR NEIGHBORHOOD BECAUSE BOA WILL ONLY GIVE ME A LOAN TO DO SO. THERE IS NOTHING WRONG WITH BUYING IN A POOR NEIGHBORHOOD, BUT LET ME MAKE THAT DECISION. SECONDLY, BOA KNOWS HOUSES ARE EXPENSIVE, AND INTEREST RATES ARE HIGH, THIS IS HOW BOA CAN CONTINUE TO MAKE MONEY OFF THE POOR IF YOU MISS 1 MORTGAGE PAYMENT. PLUS... THIS PROGRAM DOES NOT HAVE MORTGAGE INSURANCE, MISS A MORTGAGE PAYMENT--HOMELESS. DON'T EVER BUY A HOME W/O MORTGAGE INSURANCE. MY ADVICE TO ALL, KEEP SAVING FOR YOUR HOUSE, PAY OFF ALL YOUR CURRENT BILLS, AND WATCH THE MARKET. GOD BLESS ALL!
My question is the bank getting this money from the government? There is definitely got to be an incentive for the banks.
Have we not learned anything from the 2008 housing market crash??
History will repeat itself
We've learned a lot. That's the point to educate yourself. The majority of people watching this do not want to continue to rent for the remainder of their lives. Start somewhere and use the resources afforded to you.
This is the time to do whatever you can to not buy property, wait, it will be worth it ,the loans are a trap once prices come down, and they will ,you will NOT be able to refinace and you will pay for a house that lost thousands in value.
California: LA county
Texas: Dallas, Rockwall, surrounding area
North Carolina
South Carolina
Michigan: Wayne County
Florida: Miami Dade County
I don't know if they've changed but the last program they had you were limited as far as how much house you can get the last time it was $175,000 and that's not going to get you much of a house these days.
It depends on the area and your income. So check in the city you are applying for I recommend going into a local branch if you are in one of these areas. If not you can just apply online through the mortgage portal and then when I representative contacts you, make sure you let them know you want to use this program. www.bankofamerica.com/mortgage/affordable-housing-programs/
Hopefully the amount they are lending is proportionately increased per the new standards of living and associated costs.
If homes in LA are going for half mil to start, what good is this program to the average Black person?
💯agree. This program is not only a recipe for disaster for blk and bro ppl, but will keep home prices elevated so the banks will continue to profit. In the end, it’ll be a win win for the banks bc they’re too big to fall. They care nothing about the poor. Corruption at its best
That’s what I wanted to know
Well they didn’t say the buying limits yet, it’s probably dependent on the area
At least they’ll get to fleece the handful of black folks would qualify
A BOA underwriter was on with MG The Mortgage Guy and stated the program offers 3% or up to $10,000 (whichever is less), there is an income limit as well and of course you have to live in a low income neighborhood. As a former financial advisor I dont believe this helps a person stay in a home, credit is the result of actions and a home requires money for maintenance, people need to know how to save money. The underwriter also said they will use 1 year of payments to determine worthiness.
Both channels are ON IT and I am here for it
Thank for the update. Isn't it more in LA in Miami? I can't see how they have the same Down payment amount in all markets. I'll look at the video. Thank you
So I continuously see everyone say this is a recipe for disaster but I'm not fully understanding why. Boa is targeting people who already live in a particular type of community correct? No money down, no interest, and no particular credit score required. If you were paying $2,500 to your landlord in rent and now you can pay $2,000 to the bank directly why is this a negative? I'm not fully understanding the outrage. Or how the banks are truly benefiting. I absolutely understand there is a benefit in it for them otherwise it would not be an option but why is this a negative for the payee?
@@allyb4298 in most hoods they aren't paying $2500 rent. Also with a house there's taxes, homeowners insurance. Utilities are more and unexpected expenses will definitely set a person back who's low income. It's a recipe for disaster, plus what are the interests rates. They aren't doing this cuz they like minorities,there's always a catch.
@@allyb4298 I'm also wondering if they are pushing a 30 yr mortgage or a 40 yr mortgage
When is it getting released I live 45 mins away from LA I'll move there I already pay 2,900 in rent I'll pay that for a house or 3,500 for mortgage.
What business is in business to NOT make money? That's all I have to say. Research. Pray. & may the Holy Spirit guide you.
Sounds great untill you go in to Bank Of America with a payroll check and they arrest you for banking while black!
Lol that's funny 😁
No it’s not
@@deehope9477 😆😅
This shouldn't be community based if I understand it correctly. It should be people based. And black americans were the #1 victims of redlining by a large margin. But they have to figure a slick way to include Hispanics into it because you can never do anything just for black americans. It's taboo apparently.
I was thinking the same thing too
Facts!!!!
Definitely understand what you are saying. But let's not act like the Hispanic community doesn't face discrimination aswell.
@@grantedhehasthebabyskin2435 true, but blacks really built America and every race benefits from what should be for blacks.
@@grantedhehasthebabyskin2435 African Americans are a very specific, solid, homogenous group of people that have collectively faced the worst discrimination this country has to offer with a shared history. "Hispanics" are a heterogenous group of people from different countries in latin america only linked by language. Cubans for example have a high % of registered republicans. So you can't say all hispanics face discrimmination when some of them can easily classify as white.
I actually used this program in 2005, glad they brought it back.
Great to know! Thanks for sharing. I didn't realize they had the program before. What city are you in?
It is NACA?
Do u recomend this new program?
In what City
Seems to me they are trying to keep minorities in certain neighborhoods and lower cost homes stay woke
Tell me, what is their motivation for doing this. If there is one thing life has taught me it’s that nothing is free.
Their motivation is the interest that BOA will make from these loans. With rents being so high, most people can truly afford a mortgage. The issue people have is coming up with the down payment, closing cost and all that expenses that comes with getting a mortgage payment. BOA is cutting the upfront costs and helping people achieve homeownership. I think it's an excellent move for BOA as well as the customers. This is definitely a win win situation for both parties.
@@obaaAkos02 Interest? The bank will sell these loans before the ink is dry. They want to move real estate at these crazy prices ; buyers will have instant negative equity. Bad deal for the customer. Stay away from this. It is almost as bad as the ninja loans of 2007.
@@ananda_miaoyinI see where you're coming from. Yea, they sell the loans but they do make some money when they sell. Remember paying rent is ZERO equity along with the instability. People, especially those with kids want a stabilize home for their family and it starts with homeownership. If the buyers
plans to stay in the home for the long haul (5 or more years), I think they will be fine. I will not rent if I had the opportunity to own. Renting is money lost. Even with if the markets goes down, it will repair it with time.
Thanks for watching!
👏👏👏👏
I liked the fact you made it very clear that loan program is not specifically for black people. LOL
It never is.
Excellent report. Thank you for this clarification! 🥰
Thanks for watching!
Why don’t they have this in Atlanta??? If they wanted to target black and brown communities then Atlanta should have been the first.
If you think about it, all of these cities except maybe Detroit & Charlotte have huge Latino populations. So, it looks like brown is the biggest target.
Seriously? Ugh. I'm getting ready to move to that area and I was hoping for this. That sucks.
@@SimplyCiCi894 I thought same thing
All the banks did something like this in 06 and 07 before the recession hit. You give zero interest loans to people who don't really know about credit and when they can't pay back they have a judgement bank snatches the house and your credit is ruined forever. It sounds good but think first.
Because errrbody go down Atlanta because it’s cheaper. Y’all got it good down there lol
Great video! Here in Texas people can also look at TSAHC, SETH, and TDHCA for options with down payment and closing cost assistance. Most do not even require they be first-time homebuyers.
What are these resources
I don't trust it. Sounds like a nightmare in the making. I, especially don't trust BOA. They were my first bank as a senior in HS and it was a nightmare! Horrible experience. I didn't start liking banks until l started banking with my credit union.
I know several people that have used loan programs similar to this from CHASE and the loans worked out very well for them.
Probably while shit was NOT hitting the fan.
@@Alex-dn5hi There is more opportunity to buy real estate in a down market. Some people have very secure employment and buy homes when values come down. But you aren’t experienced enough in real estate to know that. I’ve being working in the industry for 15+ years.
I’m with Naca now and they do require for you to have some money from down payments. They like to advertise that no down payment but once you’re in the program the counselor will work with you to budget for a couple of months or years to save for that down payment.
Thanks for watching!
So happy I ditched that social justice bank. Having a home is not something your entitled to or deserve just because you simply exist, it is something that is typically earned through hard work, and perseverance.
I'm glad that I have a VA Home Loan, this is the only true Zero down home loan in this country. Please people don't trust BOA... 2 things you should never forget. 9/11 and 2008.
Time for lawsuits…
My husband and I getting serious this year!! We Will be watching allllll of your videos? Thank you for this content ❤
Great! Let's do it. Welcome to the channel!
I understand stimulating purchases in minority communities but to restrict them TO those communities is shady… alot of people try to get out…
Exactly
Let’s call it what it is. Keeping minorities in their place. Unless people are free to buy wherever with this program it’s racism and predatory lending.
Would this be the next best combo of 100% financing w/ no PMI + DPA and Closing Costs/Rate Buy-down credits and/or subsidy option for something similar to the NACA program, given that NACA has questionable organizational efficacy and closing times?
Yes, if you can make that work.
Due to the geographical location restrictions, how is this not steering or redlining. Why must the homes be purchased only in those neighborhoods?
There are several programs to incentivize people to buy in certain areas, so not steering. This is also not a program for a specific race - it is open to anyone in those areas. Redlining is when you deny a loan based on refuse (a loan or insurance) to someone because they live in an area deemed to be a poor financial risk. Thanks for watching!
Exactly
Curious to see what determines the "area/markets/neighborhood" because oftentimes ppl may live in these"select locations" but don't want to buy in that neighborhood! They want to live in a better place 🧐
@Christy Brown ▶ EXACTLY❗
@@bbutler7158 Detroit is my HT and I would never go back
Bank of America was actually founded by an Italian American in 1904. A minority of its own in that time. It was actually called bank of Italy. It’s purpose was to serve the Italian working class however they accepted everyone in the working class. Was actually the first to start business loans too.
I'm sorry I don't trust Bank of America and Well Forgo.
We have every right to be skeptical knowing the history, but if this can possibly help someone then they need to put this program as one of their options. As always, thanks for watching!
I tried to take advantage of BOA's 17,500 down payment assistance program. They gave me hell. I went with another lender. They asked me where I lived the past two years which is a normal thing on a loan application. I told them and they harassed me repeatedly about where I lived. Then, I spoke to a supervisor because I did not like the service I was getting and he told me I gave them an address that I NEVER put down on the loan application. Come to find out someone opened a checking account in my name using an addressed that I haven't live at for over 5 years. It was such an awful experience I changed my mind about doing business with them. Now, I have to figure out who opened this checking account in my name because they aren't helping me with this matter at all!
Thanks for sharing and I hope you are able to get that worked out.
I pray that everything works out for your good.❤️🌹❤️People will try to mess your up, but the devil is a liar. WWM
I'm sorry this happened to you
What will the interest rates be like? Adjustable or fixed? Extremely high or reasonable?
It is a fixed rate. Thanks for watching!
@@JANET.DELGADO I originate loans for BofA. I’ve had about 30 people talk to me over the last 4 days. I spend a long time going over pros and cons for each. No program is perfect and it’s important to understand that. I suggest talking to a loan officer, have them give you a quote on the rate and the true cost to close. They can also help find properties that might qualify.
What could possibly go wrong? LOL.. Someone is going to get stuck in a collapsing home market with negative equity... and a 7% mortgage.
I already went to speak with a representative of the Bank of America and they came up with the story that if I wanted to apply to this program, first I had to pay the debts that did not take into account the credit score but that if I had debts they would not approve me, that program is pure story. First, the one who is going to ask for down payment assistance is because he has no money and has debts. like everything they offer in this country and at the moment of truth they do not come out with anything. don't go there to waste your time.
Thanks for sharing
SERIOUSLY!!! Like WHY THE FUKK would I need to apply for this program, if I didn't need some financial relief?! Ugh!!!😩🤦🏾♀️🙅🏾♀️
Still a little risky no indicators of the interest on that loan and also possible Equity risk I don't trust it, especially when boa went under that law suit situation a few years ago
I keep hearing that the pricing g for housing will drop in late 2023 and 2024. So if that happens I'll be ready to move. I've been working on my credit and by then it should be super decent. I'm looking to move to charlotte so I was interested in this boa loan when I heard about it. Thanks for the info.
Thanks for watching!
That what they All saying about a market crash but it looks so strong and over priced
If we color it in Orange it wont be Redlining.
Nobody read the fine print...
In the fine print, it says this program is for people of all races that are 1st time homebuyers & that meet a certain income criteria...
Thanks for watching!
This is a recipe for disaster. Remember sub prime mortgage frenzy in 2005 to 2008 where you didn't need credit nor a job to buy a home? Remember how that went
It could be a trap. Buy a home far cheaper than you think you can afford. We are near the edge of a cliff when it comes to home prices and mortgage rates are extremely high.
Working on paying my cards down now I’m using the snowball method. No loans needed, my cards will be paid off early spring of next year.
Thanks for watching!
My BofA lender told me that, here in Los Angeles, closing costs are covered EXCEPT for discount points and prepaid items.
Hi Dietric - it been a minute, thanks for watching. Let me know if your lender wants to be on my channel for an interview 😊
Do you know if there is a Down Payment Limit in LA?
start warning your friends to not buy a home using this deal.. it is meant to fail.. and tell them to ignore this video.. there are a lot of black and hispanics that dont understand the repurcussions of this.
@Mortgage Insight And THAT is why you have to speak to a lender folks. :) Thanks for the information!
@@ShaheedahHill no down payment limit. I uploaded a video last week too. Our limit is based on 150% AMI, which is about $91K
Hello, Are these programs in Phoenix or Scottsdale, Arizona?
I'm a Spanish person, low income getting $20.51 per hour. Working for the Scottsdale Unifed School District for 20 years. 61 years old. I can't qualify to buy a house because im a low income People. I'm paying $1800 per month for a rental house.
I really don't want to live in dangerous areas.
Thanks for your information.
Laura
At this time this is only in those 5 cities mentioned. Thanks for watching.
I'm concerned about an adjustable rate mortgage ,and a balloon payment unexpected payment
There is not an adjustable rate and there is not a ballon payment for this loan. Thanks for watching!
YOU ARE BEING TARGETED THEY WILL GIVE LOANS TO PEOPLE WHO CANT AFFORD TO PAY THEM BACK AND THEN THEY COLLECT THROUGH INSURANCE. THIS HAPPENED RIGHT BEFORE 2008 RECESSION. DO YOUR HOMEWORK.
The homes in those areas today are overpriced. What you could of purchased for $100k -$200k is now $350k-$499k.
@@jordan.k7340 that's everywhere, not just these specific neighborhoods.
@@missbttrsctch Correct, but this program is only offering specific homes they didn't mention AFFORDABLE homes eiher in certain locations. This ain't nothing but the old car dealership trick, giving someone a $30k-44k car loan who probably doesn't make that amount on their annual salary.
What black people should do is immediately leave bank of America and go somewhere else. They are openly trying to screw you over under the guise of help. This is no different than what democrats have been doing for decades. Remember all media is owned by democrats social media cnn msnbc Google too. It's so easy for them to lie and people believe it because they don't know how to fact check.
Money inflation not just houses
Need this for my buyers
Thank you for this informative video!!!
Thanks for watching!
They have problems giving regular mortgage is regular neighbors but in the neighborhoods they have hand picked they can pull out all the stops?
Yeah, I'm thinking they want to use this program to gentrify these areas.
I am a MLO and Realtor..it all sounds exciting
Make sure you research, verify and confirm everything that you're hearing and listening to.....⛽⛽⛽ The banking industry has a very messy and toxic history ☢️☢️☢️... So make sure you have someone fully have you understand what you're signing and what your agreeing to?... Banks are in business to make money and not acknowledge or take responsibility for their actions and behaviors...💭💭💭💭
I agree💯💯💯💯
i just sent the article to my nieces in Detroit
Thank You so much my husband and I are older and on disability but we’ve never owned a home in fact he never used his GI benefits. We wanted to move to Florida and this program sounds wonderful, do you think they would approve disability income?
Be very careful. This type of mortgages was around in the 1980s 1990s and many people lost their homes. They got mortgages that climbed at higher interest rate and they couldn't make payments.
If you qualify don't purchase a $200,000 home when you can only afford one for $100,000. They will qualify people for higher mortgages they can't afford. This happened in the 1980s. The bank makes money either way.
Yes, they will but remember the lower your income the less you will qualify for. So you will likely qualify but not for that much. You should also look into USDA Direct - th-cam.com/video/tifb3Euv3Vg/w-d-xo.html
Thank you I will I am worried that they will try to make up take a variable rate. I know that’s how so many people lost their homes and ended up owning more than the homes were worth
I in naca program you think asking them
How long do you have to stay in the home? And can you rent the home out after a few years?
Usually the requirement is at least one year. @jleviathon111 Thanks for watching!
Avoid Costly Mistakes by Buying My First Time Homebuyer Masterclass and Digital Confidently Closed Handbook - bit.ly/47s4pT7
The "Stay where you at" Program
"Stay where you at" for double the home's true value. What you could of paid $100k for is now $300k-$499k
Thanks for watching!
What you people fail to see is the prices of these homes are insane. Barely anyone is buying and mostly everything is for sale. "The house never looses".
I wish this new program from BOA was available in NJ. I'm going through NACA now and it's really taking so long eventhough I have everything in order clean record with all my bills paid on-time , no dept and enough savings ; in other words im a very responsible person. Great video!
Thanks for watching! Keep the faith and hang in there with NACA.
Hi. If you ask for a remote counselor that might push the process forward for you.
@@rethsen8146 I have a meeting with my counselor next week and hoping to get qualified
@@ShaheedahHill thank you!
@@gerardboulin6324 I’m crossing my fingers for you. Good luck. I closed with NACA last year and felt like it was worth it.
NACA is not no money down. I just did my course last summer. You have to come out of pocket approximately $3500-$5000 with NACA...they make you pay for closing costs and insurance.
Yahoo financial called it the sub prime loans of 2008 the interest rate is very high, great marketing plan though.
This sounds amazing. However, people are saying it sounds like redlining. What do you think?
There are several programs to incentivize people to buy in certain areas, it is not redlining. This is also not a program for a specific race - it is open to anyone in those areas. Redlining is when you deny a loan based on refuse (a loan or insurance) to someone because they live in an area deemed to be a poor financial risk. Thanks for watching!
If you want to move to a rural area, there is 100% financing for that too and if you are low income they will subsidize your mortgage payment.
Will you please offer details?
Yeah, this sound amazing....but what about the other folks that work so hard in there intire life trying to make their dream become a reality to be a home owner but because your not black or mexican "community'" sounds very unfair and so racist/ segregation....sounds like more a political agenda 🤔 just my .2cents my 1st amendment pls no hate response to my comment ❤️ 🙂
@@maylerma1720 Take that up with your people.
Whenever I mention Naca to lenders. They act like they never ever heard of it!
They know the people they are targeting are going to hop on this if you can’t afford to get your credit together a down payment or PMI then you can’t afford a home yet wait until GOD bless you when you are ready save and don’t force homeowner ship the long run will hurt you
Nope. I buy .and rent it out and pay the mortgage and the rest of debt slowly while rebuilding my credit.
You are amazing! Thank youuuu so much 💕💋
Thanks for watching!
Before you buy, I encourage you to watch the TH-cam channel, Council on Foreign Relations, "Panic: The Untold Story of the 2008 Housing Crisis" 🤔 NPR also has a 4 or 5 part series that explains what EVERYONE did to participate in crashing the housing market whether purposely or through ignorance and they took people's homes that could afford them, along with the people who couldn't. I recommend both documentaries. Right now, the American people cannot afford to be swindled out of anything. Let us through knowledge and understanding stay in recovery mode. If you're struggling to pay rent, how will you not lose your homes? A lot of empty rental and home inventory, because the prices are too high for renters/buyers doesn't do the any good either. These markets have to adjust themselves..wait! 🤷😊❤️🙏
I saw that video in economics class...The financial meltdown or something like that...My mouth dropped. The whole works was in crisis from that mess starting in 2008 Cali. A bunch of lOU tossed around on the stockmarket 😳
What about us Black Americans that's not from Africa.
The program is not based ont he buyers race, it is based on the neighborhood. Please watch the entire video for more details.
I just wish Royal Oak, MI was included in this program. Detroit area for car insurance is ridiculously too high.
Thanks for watching!
Hello Mark. I'm actually going through this program now. It's for homes in Wayne County, which includes Detroit. So Royal Oak wouldn't qualify since it's in Oakland County. Hope this helps!
That’s where I work!
Thanks! I wasn’t very familiar with their program, so great info!
You are so welcome!
Thank you very much.
Thanks for watching!
Great information. Looking to buy an additional home to increase my familial footprint. Thanks.
Glad it was helpful!
Detroit needs it....badly. Gentrification pushed me out my apartment I had for 3 years. Ever since then I been homeless, struggling, and bouncing from place to place. I'm definitely calling BOA today!
Very bad loan this is exactly what they did in 2007-2008 an everyone who took this style loan from B of A got totally wiped out. It's a predatory loan you will regret it.
Thank you Shaheedah. I Appreciate you!!!
You are so welcome Thanks for watching!
Had bad experience with naca ended up leaving the program and you do need down payment even though they sa no down payment too much red tape
Sounds great! Where do I sign?
Look people 100% financing is not a good thing to do. If you can't afford a house you will not afford the up keep. But no pmi is amazing
Always read the fine print before you sign those documents. High interest rates. History repeats itself “2008”.😎
This is the most blatant example of predatory lending ever. They are dumping their bad debt off into the least likely to be able to keep up with their debt load with the worsening recession and depression.
Those who forget their history are condemned to repeat it. It's the 2008 financial crisis all over again. BofA sure isn't doing this out of the goodness of their hearts. I would sure like to know how safe these neighborhoods are. What are the interest rates on these loans? If its too good to be true, it usually is.
😁😁😁So true. Some people here either weren't born then or too young to know. There are suckers born everyday.
A child born in this day will likely be a victim of the "three card man ". when they grow up because no one is talking about them anymore.
Ok, can I use my section 8 voucher. Now I live in New your and was looking to move to Raleigh, NC or Charlotte. I am actually registered to NACA in Charlotte. So I would have to call BOA in Charlotte and rent and apartments or house in the meantime. Because I have to turn over my renters voucher into homeownership.
You would have to check with the housing authority in NC to see what option you would have. This BOA program does not work with section 8. Thank you for watching.
Well, I am working with NACA,and my counselor said yes. BUT, I have move south and switched from renting section 8 to homeownership voucher. I can't do it here in NYC. Only if I am buying a house in NYC.
Hi, Im trying to do the BOA Community Affordable Assistance and I finished the class today and you have to do the counseling and theres not an opening until Nov (through BCL). Im trying to figure out if I have to use a BOA loan officer or if I can stay with my broker? Love your content.
You will have to use a BOA lender and not a broker, but get a quote from a broker so you can compare the loans.
Thank you. Update: I finished the course and credit counseling and got the “mortgage ready” certificate. I then talked with a loan officer and was approved for 270k loan with a monthly cost of 3,040.00 @ 7.5% interest. I cant make this up
@@cn513 Wow, thanks for sharing.
I was able to get a loan of 10k without collateral last week through an Atlendis crypto loan agent, Nancy. And man I really needed that money.
Apparently there was some flaws discovered. Watch Anton Daniels review on this.
Love this info thanks.🙏😇👍💯💯