Bank of America announced a new program to offer affordable home loans that it said would reduce the out-of-pocket expenses and income necessary for low- and moderate-income households to qualify for a loan. Under the new program, San Francisco-based Bank of America will permit borrowers to buy a home with a down payment of only 3%, with 1% allowed in a gift or grant. The bank anticipates making $400 million worth of loans in coming months to an estimated 6,000 families. The loans are available in California and 21 other states.
BofA Offers New Affordable Home Loans
Times Staff and Wire Reports