The fha qualification process may be easier because it has more flexible down payment and credit requirements. In order to avoid the hassles of 2 loans and additional paperwork.
bank of america fha loan credit score
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Bank of america offers fha and va refinance loans to existing bank of america home loan clients only.
Bank of america fha loan credit score. The federal housing administration fha footnote 1 and the us. Fha 203k loan sanctions loan for home and also repairs of the home. If youre a current military member or veteran you may be eligible for a va home loan with little or no down payment.
Department of veterans affairs va footnote 2 offer government mortgage loans that have features such as low down payment options and flexible credit and income guidelines that may make them easier for first time homebuyers to obtain. Bank of americas enormous size ubiquitous presence and 2 trillion in assets make it a significant player in the fha loan market. Fha 203k loan for repairs and development of loan.
This would be agreed while signing up for the loan. The federal housing administration fha insures fha loans. Fha refinance loans and va refinance loans allow homeowners the option to reduce payments or loan terms and they have more flexible qualification requirements than conventional loans.
The only two lenders i am aware of that will even entertain a sub 620 fha mortgage loan are wells fargo and bank of america but they give much higher scruntiny to applications with sub 620 scores and therefore its very rare for someone to actually close with. While other aspects of the banks operations have been criticized by unhappy consumers its mortgage operations in recent years have largely escaped its customers ire. Fha loans interest rate might reduce less after a certain period of time in most cases.
Its important to note that the two are not offered together. You will need at least a credit score of 600 to qualify for a bank of america fha loan but once you do youll only have to put three percent down. The fha unlike bank of americas new program offers loan options with as little as 35 down mortgages along with 520 fico score.
While the company only offers its financial products its rates are generally very competitive though it always pays to shop around. While fha guidelines state that 580 is the absolute minimum almost all lenders have higher standards for their fha mortgage loans.