T.W.
D.,
I was in the banking and mortgage business with Bank of America for 11 years before I left to stay home with my two small children. If you fit within a certain income bracket and you're credit has been clean for at least the last 6 mths, Bank of America has a loan product that can't be beat.
This loan can only be done through Bank of America Mortgage and it's called the Community Committment loan. It is 97% financing, so a 3% down payment is required, however, that 3% can come from seller contributions or from a down payment assistance program. You lender can tell you more about that, but there is nothing to them.
What's so great about this loan is that credit score isn't an issue but you do need to have paid your bills on time for the last 6 months and if there is a bankruptcy, it has to have been discharged for 2 years. There is an interest rate REDUCTION on this loan, so you'll get a great rate, and there is NO Private Mortgage Insurance, which is a term you need to become familiar with if you don't have a 20% down payment with any other loan program. I don't know how much you know about mortgages so I won't waste time explaining something you might already know.
I've been out of the banking world for almost 2 years now, but to my knowledge, there isn't any other lender out there who offers anything close to this kind of deal. You essentially can have 100% financing without the added fees and rate increase tacked on that all other lenders add on.
I don't know what the income and purchase price requirements are but when I was in the loop, I believe that the borrower annual income couldn't be over $54k per year and the purchase price had to be under $150k. It is all based on the median income and price range of the county you live in and those number can change from year to year but that's a ball park of what you're looking at.
Some advice I would give you on internet lenders, don't use them. Lending Tree is probably ok as long as you get rate quotes from local banks and mortgage companies. If you can't ever meet with a person, don't use them. Title companies will tell you that they are a nightmare to get correct documents and close on time.
If you have any other questions let me know. I'd be happy to help. If you want a name and number to contact at BOA, I'd be happy to help you with that too.
There's all kinds of programs out there and anyone can get a home loan regardless of the situation, you just might pay more or less depending on that situation. If you're within those income and purchase price guidelines though, the program at BOA can't be beat. I wish it had been available when I purchased my house. I had a husband in school and I was the only income!!
Good Luck!
T.