Market Report: BOA'S NO MONEY DOWN MORTGAGE
Market Mondays
EYL Network
5.0 • 4.1K Ratings
🗓️ 16 September 2022
⏱️ 13 minutes
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Summary
In this Market Report we talked about Bank of America's new zero down mortgage program. We disused the pros and cons of similar programs. #bankofAmerica #realestate #mortgage
Link to episode: https://youtu.be/bzuwIwkA53M
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Transcript
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| 0:00.0 | I want to start, I want to start with this think of America think because that's very controversial. |
| 0:04.1 | Got a lot of attention shot to him. You know, mortgage law. He posted it. I reposted it. |
| 0:07.5 | The next year. I hope that's what it's about. So check that episode out for more context. But |
| 0:11.3 | think of America launches zero down mortgage program for black and Hispanic first time home buyers. |
| 0:17.7 | Do you think this will be good in long term for us or harmful? And let me just say and correct |
| 0:23.6 | me if I'm wrong, but I believe it was enough. Sadly for black of brown, it was just for neighborhoods. |
| 0:28.8 | And it's for minority people, but it's more it's more geared towards the actual neighborhood, |
| 0:34.6 | which the neighborhood could be our black and brown neighborhoods, but it's not necessarily |
| 0:39.1 | that you have to be black and brown. Is that correct? Yeah, I think the incentives was to |
| 0:43.6 | create more first time home buyers. And so some of the barriers that have been stopping the black |
| 0:48.7 | and brown community has been down payment things like that. So the program was just for first time |
| 0:55.3 | home buyers to try to alleviate the wealth gap. We know that a lot of the wealth gap was separated |
| 0:59.9 | from the 50s to even the 40s and 50s to now because of the equity in homes and home ownership. |
| 1:05.7 | And so that was something that we were alienated from even the effects of it that felt now today. |
| 1:09.7 | So this is like the program's idea was based on that. Now the location part is like those are |
| 1:14.4 | some of the criteria. And so there's a there's a few of them. I'm going to run down. And I know |
| 1:19.4 | you want to say something just really quickly. So it's going to allow first time home buyers to |
| 1:23.6 | purchase a home with no down payment, no mortgage insurance and zero closing close, but there are |
| 1:28.8 | some criteria for it. Right. So the first thing is you have to be credit worthy. There's no specific |
| 1:34.0 | credit score to be in the program, but you have to be credit worthy. So that they're going to look, |
| 1:37.3 | are you paying your bills on time? Are you paying your light bill, your electricity bill, but there's |
| 1:41.6 | no specific credit score. So I know that like traditional lending is like, yeah, you got to have |
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