The Truth About Bank Of America's No Down Payment Mortgage Loan Program In Charlotte, NC! Updates!

#charlotterealestatemarket2022 #bankofamerica #downpaymentassistanceprograms
Hello! In today's video I am discussing the new program that Bank Of America is offering to first time homebuyers called Community Affordable Loan Solution. I visited the bank about two months after this program came out and got some updated information. I hope you enjoy it! Below is the link to see which areas would be eligible.
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[@cinnamonswirl99028]

I work in the mortgage industry. The reason bank of America has this program is because DOJ has ordered it again because of CRA they must lend in all areas and they don't. Go on line you should be able to pull the guidelines. Back in 2000 they had the same program, BofA doesn't do a good job lending in certain areas.

[@Ngozin1]

Group think is big now so many people follow trends without evaluating whether its beneficial for them. We have to do our research.

[@EJIMANnenaNgozi]

Yes!

[@chicodiamond4222]

Typical for people today to not read the small print at BOA website and believe what you are told by the person you spoke with. This is also what happened in 2008. Black people need to read and they need to count their change.

[@rathkhan1114]

Buying is not always good option. Plus this program won't allow you to rent your home rooms? What's the point of buying home if you have to put monthly payments from your packet. Knowing that you can't even sell this house. You have to hold long time. Sounds like a not a good investment.

[@EJIMANnenaNgozi]

I agree buying isnt always a good option especially with some of these restrictive programs. We need to stop shaming people who rent so people arent pressured to buy blindly.

[@kevingreen8706]

I'm new to your content. However, I am very impressed with the information offered. I found it very informative and intriguing. Thank you

[@EJIMANnenaNgozi]

Glad it was helpful!

[@rachellejean5145]

Thank you this was so informative, thinking about doing this

[@EJIMANnenaNgozi]

Your welcome Rachelle!

[@legacy4487]

Thank you for this information. I went to the link to see what areas qualify, but can’t seem to find that information. Do you by chance have an updated link?

[@EJIMANnenaNgozi]

I will look into this!

[@kaitlynmorell7393]

But why rent when you can own? You're paying the same money without getting any of the benefits.

[@EJIMANnenaNgozi]

Its not than simple Kaitlyn. People have various reasons for renting including location and lifestyle. Buying in prime locations can be costly.

[@ShallowExistence]

Also maintenance costs and insurance/taxes can be an issue vs. renting

[@rathkhan1114]

Buying is not always good. Plus this program won't allow you to rent your home? What's the point of buying home if you have to put monthly payments from your packet. Plus you can't even sell in a year. You have to hold long time. Sounds like a not a good investment.

[@nubiann104]

Wow very informative! Do you plan on documenting your process? What if you meet a guy and he wants to do the program too? Would you still buy?

[@HollijoyJohnson]

🤔 sounds like Modern day red lining 😒 if you are black