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Low to Moderate Military Loans

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Low to Moderate Military Loans

  1. 1. Affordable Loan Programs for the U.S. Military How Bank of America Home Loans Supports the Military Market
  2. 2. Affordable Loan Programs for the U.S. Military <ul><ul><li>Zero cash may be required from the borrower s for closing costs — per current loan guidelines. </li></ul></ul><ul><ul><li>Income from a boarder can help support those families who rent out a room during a family member’s overseas deployment — per current loan guidelines. </li></ul></ul><ul><ul><li>Nontraditional sources of income may be used. </li></ul></ul>Features of affordable home loan programs for the U.S. military 1 : 1 Income and/or census tract requirements may apply. Homebuyer education may be required. For multi-unit properties, landlord education is required. Owner occupied only. Maximum loan amounts may apply. Ask for details.
  3. 3. Affordable Loan Programs for the U.S. Military 1 <ul><ul><li>Different types of pay can be used in qualifying. In addition to base pay, alternative income such as flight or hazard pay, quarters’ allowance and proficiency pay can be used as qualifying income as long as it is expected to continue in the future — per current and standard conventional loan guidelines. </li></ul></ul><ul><ul><li>A family member or close friend can help a military family qualify by cosigning as a co-occupant co-borrower for a loved one who is establishing homeownership during military deployment — per current loan guidelines. </li></ul></ul><ul><ul><li>We can also work with military families to originate VA loans that allow as little as zero down payment. </li></ul></ul><ul><ul><li>Income paid to military reservists while they are fulfilling their reserve obligation is also acceptable if it satisfies the same stability and continuity tests that we apply to other types of second-job income. </li></ul></ul>1 Income and/or census tract requirements may apply. Homebuyer education may be required. For multi-unit properties, landlord education is required. Owner occupied only. Maximum loan amounts may apply. Ask for details.
  4. 4. Affordable Loan Programs for the U.S. Military <ul><ul><li>Simply cal l toll free 1.800.577.3732 (English) or 1.80 0.293.6316 (Spanish) to obtain information on the home buyin g pr ocess. </li></ul></ul><ul><ul><li>Our representatives will provide free credit and budget counseling. </li></ul></ul><ul><ul><li>They can also provide information on down payment and closing cost assistance programs that may be available in the area. </li></ul></ul>Military personnel and their families can get free pre-purchase assistance: English: www.bankofamerica.com/homebuyereducation Spanish: www.bankofamerica.com/mihogar
  5. 5. Affordable Loan Programs for the U.S. Military <ul><ul><li>Home retention counseling — call 1.800.262.4218 and a representative can help you develop a solution if you cannot make your mortgage payment on time. (Per standard servicing guidelines.) </li></ul></ul>Loan servicing options after closing — Bank of America provides assistance for our military overseas with:
  6. 6. Bank of America, N.A., Member FDIC Equal Housing Lender © 2009 Bank of America Corporation. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. 00-62-0411NSB 04-2009 AR76101

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