@savagetyler wrote:
Wondering if anyone has any info or reviews on these loan programs. I see bofa affordable loan solution option to apply but would like more information before hand. From what I gathered it is basically homeready program with a different bank taking the risk so no pmi or mpi.There
The only true no MI/PMI loan is VA. This program hides the PMI in the higher interest rate BofA charges you.
You are better off taking the option that gives you the lowest rate out of the gate because PMI can be canceled once your principle balance hits 78% for the cost of an appraisal.
When you take a program like this with the higher rate the only way your payment will go down in the future is if you refinance the loan at a cost of 4-6K in closing costs plus you're at the mercy of whatever the current market interest rates are.
Hope that helps/makes sense.
VA Mortgage Expert. Mortgage Banker lending in All 50 States.
VA, FHA, USDA. Jumbo, Conventional.
CAIVRS Expert.
