Home Mortgage lenders launch programs to turn renters into homeowners

Home Mortgage Lenders

So, you say you want to buy a home and be a home owner but you’re locked out of the market because you don’t have enough money for a down payment. Or you don’t have adequate savings to meet lenders’ requirements on financial reserves. Or you have a thin credit file that home mortgage lenders find tough to score and accept.

Home mortgage lenders understand. But have you checked out what’s been going on in the mortgage market lately? Are you aware of the multiple low-down-payment, consumer-friendly options that have been launched recently — the latest just within the past week? Maybe not, so here’s a quick overview. Pushed by regulators and consumer groups to expand home-loan opportunities for first-time and moderate-income buyers, major mortgage players have come out with nationwide programs designed to turn renters who are creditworthy — but don’t have big down payments or closing-cost cash — into homeowners. The newest option, known as the BofA (home mortgage lenders) Affordable Loan Solution plan, launched Feb. 22.


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