Bank of America Mortgage Payment, bank america mortgage.#Bank #america #mortgage


Bank of America Mortgage Payment

Bank of America Mortgage Payment must be made before the expiry of your grace period. This is in order to ensure that there would not be any late fee due on you. You must know your grace period, which is different for different people, to avoid a late payment. B of A offers a number options through which you can pay our mortgage bills conveniently and well in time. The online payment option is definitely the most popular and the most advocated one because of the certain obvious advantages over other alternatives. Other options may include payment by mail, over phone and with credit card. Please note some of these options may not be available in your location and there might be some fees associated with their use.

BAC Home Loans Servicing, LP is the servicing division for all BofA and Countrywide customers. It currently does not accept credit card and there is no separate facility to allow you to pay mortgages by phone. However, you can use the customer service number 1-800-669-6607 to get assistance in this regard. It is important to avoid late fees. You can do so by availing PayPlan Services of the bank, under which your payment is automatically deducted from your bank. Another option is to use MortgagePay on the Web, which is available 24×7, but you need to initiate a payment each month by yourself. If paying by mail, don’t wait for your payment coupon unnecessarily, if it doesn’t reach you on time. Just write your account number on the check or money order and send the same to the mailing address mentioned under payment instructions on your loan documents.

Bank of America Online Mortgage Payment

You need to register first in order to use this option. Enrolment is possible online as well and it takes just a few minutes to complete the process. During the process you will be asked to set up your username and password. These are necessary login information to open your account online. Once you have your own login ID, you can sign in anytime to Bank of America online banking to make payments. If you are a Countrywide Financial customer, you must have your login ID converted before you can sign in to online banking. Go to the Accounts Overview page and select the View options link visible under your home loan account section. Now you can select Pay Now link to initiate the process of online mortgage payment. Follow the instructions provided there or call the phone number 1-800-933-6262.

Bank of America Mortgage Payment Address

You can pay Bank of America mortgage using a conventional option as well, such as by depositing checks at a nearest branch or center, or by sending your payments via mail or Western Union. The mailing address may be different for different borrowers depending on the locations where they live. Refer to your loan documents to see details in this regard.

The residents of Alaska, Arizona, Hawaii, California, Nevada, Idaho, Oregon, and Washington can use the following address to send payments by mail.

Bank of America Home Loans

Los Angeles, CA 90051-6803

Wilmington, DE 19886-5222

Dallas, TX 75265-0070

Bank of America Mortgage Payoff

The payoff balance is the amount you owe to BAC Home Loans Servicing, LP at any point of time. Depending upon your loan type, you may also incur a prepayment penalty and several other fees, such as verification of mortgage, payoff statement and expedited payoff service fee. The funds can be paid using any of the six acceptable forms, which include cashier’s checks, title company checks, certified checks, escrow company checks, attorney certified escrow checks, and wired funds.

To wire funds, use the following details:

Beneficiary Bank: Bank of America

ABA Routing #: 026009593

Beneficiary Acct Name: MRC

Beneficiary Acct #: 12356-19173 Reference: Customer Name


Bank of America launches 3% down mortgage program – Feb, bank america mortgage.#Bank #america #mortgage


Bank of America will offer mortgages for 3% down

Bank america mortgage

If you’re looking to buy a home but don’t have the 20% down payment sitting around, Bank of America is now offering mortgages with as little as 3% down.

The new loan program is aimed at helping low- and moderate- income borrowers get home loans for up to $417,000.

Bank america mortgage

To qualify, borrowers can’t make more than the median income for their area and need a credit score of at least 660. And the home must be the applicant’s primary residence.

Low down payment mortgages aren’t exactly new. But borrowers won’t have to pay private mortgage insurance with this loan.

Most loans with less than 20% down, like those backed by the Federal Housing Administration, also require monthly insurance premiums on top of the mortgage payments. The premiums are used to help protect the lender in case the borrower can’t make payments.

As with most mortgages, applicants must still have a debt-to-income ratio of no more than 43%. But Bank of America will also consider non-traditional forms of credit — like daycare expenses, health club memberships and rental history — to help determine credit history.

“There are creditworthy borrowers — people who have shown good experience paying off debts who fit income restrictions — and except for the fact that they don’t have the money for a down payment, they would be good homeowners,” said Terry Francisco, a spokesman for the bank.

Interest rates on the loans will be determined by a borrower’s creditworthiness and score, and Francisco said Bank of America’s loan option will be cheaper than FHA’s rate.

First-time buyers will have to attend a homebuyer education program.

Bank of America ( BAC ) will sell the mortgages to nonprofit loan fund Self-Help, which will then sell them to Freddie Mac.

Low down payment loans aren’t a great fit for everyone though.

Putting less money down means you’re financing more, which leads to higher monthly payments and more money paid out in interest over the life of the loan. It also means you have less equity in the home, which could make you more vulnerable if home prices drop.

In the fourth quarter of 2015, the average down payment on a conventional 30-year mortgage was 17.5%, according to LendingTree.


Bank of America launches 3% down mortgage program – Feb, bank america mortgage.#Bank #america #mortgage


Bank of America will offer mortgages for 3% down

Bank america mortgage

If you’re looking to buy a home but don’t have the 20% down payment sitting around, Bank of America is now offering mortgages with as little as 3% down.

The new loan program is aimed at helping low- and moderate- income borrowers get home loans for up to $417,000.

Bank america mortgage

To qualify, borrowers can’t make more than the median income for their area and need a credit score of at least 660. And the home must be the applicant’s primary residence.

Low down payment mortgages aren’t exactly new. But borrowers won’t have to pay private mortgage insurance with this loan.

Most loans with less than 20% down, like those backed by the Federal Housing Administration, also require monthly insurance premiums on top of the mortgage payments. The premiums are used to help protect the lender in case the borrower can’t make payments.

As with most mortgages, applicants must still have a debt-to-income ratio of no more than 43%. But Bank of America will also consider non-traditional forms of credit — like daycare expenses, health club memberships and rental history — to help determine credit history.

“There are creditworthy borrowers — people who have shown good experience paying off debts who fit income restrictions — and except for the fact that they don’t have the money for a down payment, they would be good homeowners,” said Terry Francisco, a spokesman for the bank.

Interest rates on the loans will be determined by a borrower’s creditworthiness and score, and Francisco said Bank of America’s loan option will be cheaper than FHA’s rate.

First-time buyers will have to attend a homebuyer education program.

Bank of America ( BAC ) will sell the mortgages to nonprofit loan fund Self-Help, which will then sell them to Freddie Mac.

Low down payment loans aren’t a great fit for everyone though.

Putting less money down means you’re financing more, which leads to higher monthly payments and more money paid out in interest over the life of the loan. It also means you have less equity in the home, which could make you more vulnerable if home prices drop.

In the fourth quarter of 2015, the average down payment on a conventional 30-year mortgage was 17.5%, according to LendingTree.


Bank of America Mortgage Payment, bank america mortgage.#Bank #america #mortgage


Bank of America Mortgage Payment

Bank of America Mortgage Payment must be made before the expiry of your grace period. This is in order to ensure that there would not be any late fee due on you. You must know your grace period, which is different for different people, to avoid a late payment. B of A offers a number options through which you can pay our mortgage bills conveniently and well in time. The online payment option is definitely the most popular and the most advocated one because of the certain obvious advantages over other alternatives. Other options may include payment by mail, over phone and with credit card. Please note some of these options may not be available in your location and there might be some fees associated with their use.

BAC Home Loans Servicing, LP is the servicing division for all BofA and Countrywide customers. It currently does not accept credit card and there is no separate facility to allow you to pay mortgages by phone. However, you can use the customer service number 1-800-669-6607 to get assistance in this regard. It is important to avoid late fees. You can do so by availing PayPlan Services of the bank, under which your payment is automatically deducted from your bank. Another option is to use MortgagePay on the Web, which is available 24×7, but you need to initiate a payment each month by yourself. If paying by mail, don’t wait for your payment coupon unnecessarily, if it doesn’t reach you on time. Just write your account number on the check or money order and send the same to the mailing address mentioned under payment instructions on your loan documents.

Bank of America Online Mortgage Payment

You need to register first in order to use this option. Enrolment is possible online as well and it takes just a few minutes to complete the process. During the process you will be asked to set up your username and password. These are necessary login information to open your account online. Once you have your own login ID, you can sign in anytime to Bank of America online banking to make payments. If you are a Countrywide Financial customer, you must have your login ID converted before you can sign in to online banking. Go to the Accounts Overview page and select the View options link visible under your home loan account section. Now you can select Pay Now link to initiate the process of online mortgage payment. Follow the instructions provided there or call the phone number 1-800-933-6262.

Bank of America Mortgage Payment Address

You can pay Bank of America mortgage using a conventional option as well, such as by depositing checks at a nearest branch or center, or by sending your payments via mail or Western Union. The mailing address may be different for different borrowers depending on the locations where they live. Refer to your loan documents to see details in this regard.

The residents of Alaska, Arizona, Hawaii, California, Nevada, Idaho, Oregon, and Washington can use the following address to send payments by mail.

Bank of America Home Loans

Los Angeles, CA 90051-6803

Wilmington, DE 19886-5222

Dallas, TX 75265-0070

Bank of America Mortgage Payoff

The payoff balance is the amount you owe to BAC Home Loans Servicing, LP at any point of time. Depending upon your loan type, you may also incur a prepayment penalty and several other fees, such as verification of mortgage, payoff statement and expedited payoff service fee. The funds can be paid using any of the six acceptable forms, which include cashier’s checks, title company checks, certified checks, escrow company checks, attorney certified escrow checks, and wired funds.

To wire funds, use the following details:

Beneficiary Bank: Bank of America

ABA Routing #: 026009593

Beneficiary Acct Name: MRC

Beneficiary Acct #: 12356-19173 Reference: Customer Name


Bank of America launches 3% down mortgage program – Feb, bank america mortgage.#Bank #america #mortgage


Bank of America will offer mortgages for 3% down

Bank america mortgage

If you’re looking to buy a home but don’t have the 20% down payment sitting around, Bank of America is now offering mortgages with as little as 3% down.

The new loan program is aimed at helping low- and moderate- income borrowers get home loans for up to $417,000.

Bank america mortgage

To qualify, borrowers can’t make more than the median income for their area and need a credit score of at least 660. And the home must be the applicant’s primary residence.

Low down payment mortgages aren’t exactly new. But borrowers won’t have to pay private mortgage insurance with this loan.

Most loans with less than 20% down, like those backed by the Federal Housing Administration, also require monthly insurance premiums on top of the mortgage payments. The premiums are used to help protect the lender in case the borrower can’t make payments.

As with most mortgages, applicants must still have a debt-to-income ratio of no more than 43%. But Bank of America will also consider non-traditional forms of credit — like daycare expenses, health club memberships and rental history — to help determine credit history.

“There are creditworthy borrowers — people who have shown good experience paying off debts who fit income restrictions — and except for the fact that they don’t have the money for a down payment, they would be good homeowners,” said Terry Francisco, a spokesman for the bank.

Interest rates on the loans will be determined by a borrower’s creditworthiness and score, and Francisco said Bank of America’s loan option will be cheaper than FHA’s rate.

First-time buyers will have to attend a homebuyer education program.

Bank of America ( BAC ) will sell the mortgages to nonprofit loan fund Self-Help, which will then sell them to Freddie Mac.

Low down payment loans aren’t a great fit for everyone though.

Putting less money down means you’re financing more, which leads to higher monthly payments and more money paid out in interest over the life of the loan. It also means you have less equity in the home, which could make you more vulnerable if home prices drop.

In the fourth quarter of 2015, the average down payment on a conventional 30-year mortgage was 17.5%, according to LendingTree.


Bank of America Mortgage Payment, bank america mortgage.#Bank #america #mortgage


Bank of America Mortgage Payment

Bank of America Mortgage Payment must be made before the expiry of your grace period. This is in order to ensure that there would not be any late fee due on you. You must know your grace period, which is different for different people, to avoid a late payment. B of A offers a number options through which you can pay our mortgage bills conveniently and well in time. The online payment option is definitely the most popular and the most advocated one because of the certain obvious advantages over other alternatives. Other options may include payment by mail, over phone and with credit card. Please note some of these options may not be available in your location and there might be some fees associated with their use.

BAC Home Loans Servicing, LP is the servicing division for all BofA and Countrywide customers. It currently does not accept credit card and there is no separate facility to allow you to pay mortgages by phone. However, you can use the customer service number 1-800-669-6607 to get assistance in this regard. It is important to avoid late fees. You can do so by availing PayPlan Services of the bank, under which your payment is automatically deducted from your bank. Another option is to use MortgagePay on the Web, which is available 24×7, but you need to initiate a payment each month by yourself. If paying by mail, don’t wait for your payment coupon unnecessarily, if it doesn’t reach you on time. Just write your account number on the check or money order and send the same to the mailing address mentioned under payment instructions on your loan documents.

Bank of America Online Mortgage Payment

You need to register first in order to use this option. Enrolment is possible online as well and it takes just a few minutes to complete the process. During the process you will be asked to set up your username and password. These are necessary login information to open your account online. Once you have your own login ID, you can sign in anytime to Bank of America online banking to make payments. If you are a Countrywide Financial customer, you must have your login ID converted before you can sign in to online banking. Go to the Accounts Overview page and select the View options link visible under your home loan account section. Now you can select Pay Now link to initiate the process of online mortgage payment. Follow the instructions provided there or call the phone number 1-800-933-6262.

Bank of America Mortgage Payment Address

You can pay Bank of America mortgage using a conventional option as well, such as by depositing checks at a nearest branch or center, or by sending your payments via mail or Western Union. The mailing address may be different for different borrowers depending on the locations where they live. Refer to your loan documents to see details in this regard.

The residents of Alaska, Arizona, Hawaii, California, Nevada, Idaho, Oregon, and Washington can use the following address to send payments by mail.

Bank of America Home Loans

Los Angeles, CA 90051-6803

Wilmington, DE 19886-5222

Dallas, TX 75265-0070

Bank of America Mortgage Payoff

The payoff balance is the amount you owe to BAC Home Loans Servicing, LP at any point of time. Depending upon your loan type, you may also incur a prepayment penalty and several other fees, such as verification of mortgage, payoff statement and expedited payoff service fee. The funds can be paid using any of the six acceptable forms, which include cashier’s checks, title company checks, certified checks, escrow company checks, attorney certified escrow checks, and wired funds.

To wire funds, use the following details:

Beneficiary Bank: Bank of America

ABA Routing #: 026009593

Beneficiary Acct Name: MRC

Beneficiary Acct #: 12356-19173 Reference: Customer Name


Leslie Osborne – Mortgage Loan Officer – Bank of America, bank america mortgage.#Bank #america #mortgage


Leslie Osborne

Bank america mortgage

Bank america mortgage

Leslie Osborne

I m Leslie, your local Las Vegas Senior Wealth Management Lending Officer helping families finance their homes. Fall is the season of change and a good time to prepare for holiday spending. If you re thinking about buying a home, refinancing your current one or applying for a home equity line of credit, I m here to help you explore your options. Don t hesitate to contact me if you have any questions or want to get the process started.

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  1. Home Loan Navigator is not available on certain loan types. Please contact a lending specialist for more information.
  2. The origination fee reduction is available to clients who are enrolled or are eligible to enroll in Preferred Rewards at the time of application for a new purchase or refinance loan (for co-borrowers, at least one applicant must be enrolled or eligible to enroll). Amount of the reduction ($200 for Gold tier, $400 for Platinum tier and $600 for Platinum Honors tier) is based on your eligible tier at the time of mortgage application and is not subject to adjustment. This reduction will not exceed the amount of the Lender Origination Fee. Eligibility will be available three or more business days after the end of the calendar month in which you satisfy the requirements. Some discounts cannot be combined. For details on requirements, visit the Preferred Rewards section of the Personal Schedule of Fees. Benefit is non-transferable.

Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.

Customer reviews are collected and moderated directly by Zillow , a third party unaffiliated with Bank of America, and are subject to Zillow s policies and guidelines. Each customer review and the combined rating is shared for informational purposes only and may not reflect the most recent customer reviews. Bank of America makes no guarantees about the claims made in any customer review or the accuracy and/or completeness of such reviews. Bank of America assumes no liability for any statements made in customer reviews and/or actions taken in reliance upon such customer reviews.

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Bank of America now offers 3% down mortgages without mortgage insurance #online #mortgage #lenders


#bank america mortgage

#

Bank of America now offers 3% down mortgages without mortgage insurance

Bank of America unveiled a new affordable mortgage program that offers consumers the option of putting as little as 3% down and requires no mortgage insurance. The program does not involve the Federal Housing Administration. whose program has recently undergone a lot of scrutiny from big banks.

Bank of America announced a partnership on Monday with Self-Help Ventures Fund and Freddie Mac for its new Affordable Loan Solution mortgage, a conforming loan that provides low- and moderate-income homebuyers access to a responsible lending product with counseling at affordable entry prices.

To make the program function, the three companies will work together to help ensure the loan is properly originated and backed in case the loan goes delinquent, the companies said Monday.

For starters, Bank of America said the mortgage will be available through all of its mortgage sales channels.

Self-Help, which is based in Durham, North Carolina, will then buy the loans and servicing rights, along with providing post-closing counseling for any borrowers who might be experiencing payment difficulties.

Since Self-Help is taking the first-loss position, the loans require no mortgage insurance.

Freddie Mac will purchase all of the eligible affordable mortgages originated via the Self-Help and Bank of America partnership, having recently approving Self-Help as a seller/servicer to facilitate the rollout of this offering to borrowers.

The program allows down payments as low as 3% on the purchase of a primary, single-family residence, with no reserve funds required in most situations.

The loan also requires a minimum FICO score of 660, and first-time buyers will need to participate in homebuyer education.

There is a need in today s marketplace for more responsible mortgage products that enable creditworthy homebuyers, who meet certain income limits and other requirements, to become homeowners at an affordable entry point with comprehensive counseling, said D. Steve Boland, consumer lending executive, Bank of America.

Affordable Loan Solution combines Bank of America s wide distribution network of mortgage professionals with the borrower support expertise of Self-Help and market liquidity provided by Freddie Mac to provide a new affordable loan option, said Boland.

The news comes amid a pushback against the FHA, which offers similar style loans, from lenders for its loan requirements.

The FHA, unlike Bank of America s new program, offers loan options with as little as 3.5% down mortgages, along with 520 FICO score. It s important to note that the two are not offered together.

As a result, major lenders have pulled away due to the heightened risk of possible enforcement actions on the high-risk loans.

John Shrewsberry, Wells Fargo s chief financial officer, said last September that the San Francisco bank will not make loans to FHA borrowers with low credit scores because of their higher rates of default.

In addition, Kevin Watters, CEO of Chase Mortgage Banking. said in an interview with CNBC shortly after that the FHA s loan requirements look an awful lot like subprime lending.

FHA requirements are down to a 520 FICO (credit score) and you only have to put 3.5% down; that s subprime lending, and we re not in the subprime lending business, CNBC quotes Watters saying.

Quicken Loans is already in the middle of legal battle with the Department of Justice over its FHA loans, which is pushing the nonbank to consider ending its participation in FHA lending entirely, citing the government s aggressive enforcement policies as the main reason for potentially dropping FHA lending.

Meanwhile, Bank of America s loans require no mortgage insurance since the loss is covered by Self-Help, and borrowers are required to have a FICO score of 660.

Self-Help added in a statement to HousingWire that research by the UNC Centerfor Community Capital has continually proven that, given sound underwriting, low down payments are not a significant factor in mortgage performance. Shutting out borrowers with lower down payments is a missed opportunity for lenders and borrowers alike, Self-Help said.

The research from the UNC Center for Community Capital found that losses on these loans remained relatively low, even during the housing crisis triggered by mass marketing of unaffordable subprime loans.

Bank of America has upped it mortgage lending lately. In its fourth-quarter earnings. the bank reported that total mortgage production grew 13% to $17 billion in the fourth quarter, up from $15 billion last year. This is slightly up from $16.9 billion last quarter.

And during the company s fourth-quarter earnings call, when Brian Moynihan, CEO of Bank of America, was asked what his outlook for continuing to take share in the mortgage business was, Moynihan said that the bank is focused on originating prime and sort of non-conforming loans.

Back in November. Freddie Mac CEO Donald Layton asked for mortgage lenders to consider writing more low down payment mortgages in order for the government-sponsored enterprise to help increase access to credit to potential homeowners.

The GSE also announced a partnership with Quicken Loans for more low-down payment mortgages.

The strength of the Affordable Loan Solution program is how it brings each partner s special expertise together to address the barriers faced by aspiring homebuyers with limited savings, said Danny Gardner, vice president, affordable lending and access to credit, Freddie Mac. Freddie Mac is committed to working with industry and community leaders like Bank of America and Self- Help to find better ways for helping eligible borrowers overcome the obstacles that stand between them and successful long-term homeownership.

This month in
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The winners of our Insiders award are people who get things done, who are known throughout their companies as the “go-to” person in their department or division. They provide expertise in areas as diverse as operations, compliance and client services, but also have a reputation for going above and beyond their assigned roles to help out their colleagues, their companies and their clients.

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In May of 2016 Airbnb had almost 1.4 listings on the site and raised its revenue projection for this year to more than $900 million. But the site impacts more than just hotel chains. As more investors, not just homeowners, use the site to rent out spare rooms — and even spare couches — it strains the supply of rental houses.

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A funny thing happened while the mortgage process became more automated. Rather than reduce human interaction, which some skeptics anticipated, automation technology is in fact having the opposite effect. It is enabling mortgage lending to become a people-first business once again.

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Top 100 Mortgage Companies in America #mortgage #broker #training


#best mortgage companies

#

Top 100 Mortgage Companies in America

Top 100 Mortgage Companies in America

Mortgage Executive Magazine ranks mortgage companies in America based on their yearly mortgage loan volume. The magazine seeks to celebrate and recognize the dedication and hard work that mortgage originators, managers and executives put into building their business and serving their clients. Inlanta Mortgage proudly accepts the honor and recognition as one of the Top Mortgage Companies in America.

Top Originators from Inlanta

Mortgage Executive Magazine also recognizes the Top 1% of Mortgage Originators in America. Inlanta Mortgage is pleased to announce that originators Jim Snyder of Pewaukee, Wisconsin and Cindy Laffey of Overland Park, Kansas have been recognized among the nation s Top 1% Mortgage Originators in America .

Mastermind Summit 2014

In addition to the Top 100 Mortgage Companies rankings, Mortgage Executive Magazine sponsors the Mortgage Mastermind Summit in Las Vegas each year. At this year s conference, scheduled June 5, 2014 at the Palms Hotel in Las Vegas, Inlanta Mortgage President Nicholas DelTorto will be recognized as one of the Top 100 Most Influential Mortgage Executives in America. DelTorto will also present with a number of other industry leaders on an Executive Mortgage Panel at the conference.

Our Mission Statement

Our mission is to be the home financing partner that you trust to serve your family, friends and community. Through our family of dedicated mortgage professionals, our commitment is to deliver an exceptional experience. Our unwavering dedication to integrity, honesty and ethics is the foundation of all of our relationships.

About Inlanta Mortgage

Last year Inlanta Mortgage celebrated its 20th Anniversary. Inlanta Mortgage is a growing mortgage banking firm committed to quality mortgage lending, ethical operations and strong customer service.

Inlanta Mortgage offers Fannie Mae/Freddie Mac agency products, as well as a full suite of jumbo and portfolio programs. The company is an agency approved lender for Freddie Mac and Fannie Mae, FHA/VA, FHA 203K and USDA. Inlanta Mortgage also offers numerous state bond agency programs. Review Inlanta’s mortgage loan programs here .

Inlanta Mortgage is a multi-state mortgage banker based out of Brookfield, Wisconsin NMLS #1016. Inlanta Mortgage was named a Top Mortgage Lender in 2012 by Scotsman Guide and has been listed on Mortgage Technology’s Top 25 Tech Savvy Lenders List for the last four years.


Bank of America launches 3% down mortgage program – Feb #bad #credit #mortgage #lenders


#bank america mortgage

#

Bank of America will offer mortgages for 3% down

If you’re looking to buy a home but don’t have the 20% down payment sitting around, Bank of America is now offering mortgages with as little as 3% down.

The new loan program is aimed at helping low- and moderate- income borrowers get home loans for up to $417,000.

To qualify, borrowers can’t make more than the median income for their area and need a credit score of at least 660. And the home must be the applicant’s primary residence.

Low down payment mortgages aren’t exactly new. But borrowers won’t have to pay private mortgage insurance with this loan.

Most loans with less than 20% down, like those backed by the Federal Housing Administration, also require monthly insurance premiums on top of the mortgage payments. The premiums are used to help protect the lender in case the borrower can’t make payments.

As with most mortgages, applicants must still have a debt-to-income ratio of no more than 43%. But Bank of America will also consider non-traditional forms of credit — like daycare expenses, health club memberships and rental history — to help determine credit history.

“There are creditworthy borrowers — people who have shown good experience paying off debts who fit income restrictions — and except for the fact that they don’t have the money for a down payment, they would be good homeowners,” said Terry Francisco, a spokesman for the bank.

Interest rates on the loans will be determined by a borrower’s creditworthiness and score, and Francisco said Bank of America’s loan option will be cheaper than FHA’s rate.

First-time buyers will have to attend a homebuyer education program.

Bank of America ( BAC ) will sell the mortgages to nonprofit loan fund Self-Help, which will then sell them to Freddie Mac.

Low down payment loans aren’t a great fit for everyone though.

Putting less money down means you’re financing more, which leads to higher monthly payments and more money paid out in interest over the life of the loan. It also means you have less equity in the home, which could make you more vulnerable if home prices drop.

In the fourth quarter of 2015, the average down payment on a conventional 30-year mortgage was 17.5%, according to LendingTree.

CNNMoney (New York) First published February 22, 2016: 5:06 PM ET