3% Loans are Back!
Bank of America announced a loan program through Freddie Mac and Fannie Mae to help low and moderate income borrowers. B of A is backing loans with down payments as little as 3%, as long as borrowers have a credit score of at least 660. The maximum available loan amount is the Freddie/Fannie limit of $417,000. Officials say they will offer 3% loans with a less expensive mortgage rate than FHA loans.