Prospective buyers will have to complete a homebuyer certification course provided by the BofA and HUD-approved housing counseling partners to be able to apply to the program, according to the bank.
#Bank of america mortgage calculator trial
John Smith/VIEWpress Trial Phase and HurdlesīofA has also not yet revealed the size of the program, which is still in a trial phase and could later be expanded to other cities next year.Įligibility will be based on income and home location, according to a statement by BofA, while the credit guidelines will be based on factors such as history of making rent, utility, phone and auto-insurance payments on time. If you are purchasing from a private party: The seller(s) must be the same as the registered owner(s) listed on the vehicle title.Charlotte-based Bank of America announced a no-down payment mortgage program on Wednesday aimed at first-time homebuyers in five minority neighborhoods. Bank of America does not finance vehicles purchased from independent dealers other than CarMax ®, Enterprise Car Sales and Carvana. Independent dealers are not affiliated with an auto manufacturer and may sell many different brands of vehicles.Franchise dealers sell new and used cars for auto manufacturers such as Ford ®, General Motors ®, Chrysler ®, Honda ® and others. We can only make loans for cars purchased at franchise dealerships.Only the applicants listed on the credit application can be listed on the vehicle title and registration.You will be responsible for any taxes and/or fees charged, when applicable, to make this change.Bank of America must be placed as the lien holder on the title within 20 days of loan closing.Commercial or used for commercial/business purposes.Valued at less than $6,000 (based on franchise dealer invoice for new vehicles or the wholesale value from an official used car value guide such as J.D.Have a clean title (no salvaged or brand-titled cars).Alimony, child support, or separate maintenance income need not be revealed if you don't wish it to be considered as a basis for repayment. Student loans are not acceptable sources of income. Examples may include income earned from your employment (salary, overtime, bonus), retirement/pension benefits, and rental properties. You understand we collect your individual income information to determine your individual ability to pay.Credit approval, Annual Percentage Rate (APR), and credit terms are based on our review of each applicant’s application information and credit report.You and co-applicant (if any) are of legal contracting age.Co-applicant (if any) has authorized you to submit this application on his or her behalf.All information you've submitted is true and correct and is given to obtain credit from us.You've reviewed any special disclosure that applies in your state: ME, CA, NY, RI, OH, VT and WI residents.Your application for an auto loan will be saved for 30 days.īy giving us your phone number and submitting this application, you acknowledge that: Thank you for your interest in Bank of America. Customers enrolled in Online Banking can finish their application sooner by signing in and prefilling their application with account information. , please answer the following questions to continue the loan process. We approved your application for a term and/or amount different from what you originally requested. At this time, we aren't able to approve your application. Please check your information before you submit. Consenting to it enables you to sign documents electronically.įinally, please review the application Terms & Conditions and any special disclosure that applies in your state. Consenting to it allows us to provide you with important information electronically. Now you'll need to review 3 sets of disclosures. What should I do if I've frozen my credit? layer To give you the most accurate loan information, we'll need a few more details.
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