Fortunately, borrowers don’t need to put 20% down. However, new homebuyers are finding it difficult to come up with 20% of the home value upfront. Mortgage rates are incredibly low, and rental payments are expected to increase significantly in the future.
Low- to no-downpayment loans are popular among home buyers. Take Advantage of Low Rates With Just 3% Down The “Affordable Loan Solution” mortgage is a new conventional loan program from Bank of America intended to be a less expensive option than the popular FHA-backed mortgage.
“Affordable Loan Solution” Program Offers 3% Down LoanĪ new loan program requires just 3 percent down and no mortgage insurance.
