Downpayment options with BofA in Bay Area
Spoke to a lender with Bank Of America and he mentioned for first time homebuyers they usually don’t allow less than 20% downpayment. Are you guys hearing the same with BofA if thinking about <20%? Want to know if it is generic BofA policy or lender BSing... EDIT: This is for all the programs..30-year, 7/1-ARM, 10/1-ARM TC : 160K
Wait a year and it will be down 20%. Already down 15% most of the Southbay
You have any data around this? Any ML models?
I am assuming you are referring to house prices and not down payment. If not then by “15% down in Southbay” do you mean BoFA allowing 15% down??
I woudnt buy a house this year , at least in Cali
You mean you will never buy a house in Cali... Just being realistic there ;)
You should probably talk to a mortgage broker, tbh. Usually going directly to banks, like BofA, Wells Fargo, Chase, you'll get a much worse rate. Let a mortgage broker compete with different lenders to get a good rate. Anyway, FHAs definitely allow less than 20% downpayment, down as far as 3.5%. idk wtf BofA is smoking. Maybe that's just their own policy?
I know someone who recently bought house in Dublin with 5% down so definitely possible but with mortgage insurance
It might be the amount you’re financing. I think BofA doesn’t allow more than 1MM with less than 20% down. US Bank has other plans though, like 80/10/10 etc which you could use.
I think it's their Preferred Rewards benefit