I figured it was a fluke and made the mistake of using them again only to have them send the escrow refund for the second property to the wrong address again. It took the better part of a year to receive my escrow money back. Six months and many phone calls later, AIM issued a replacement check that was not legible. They issued a check to the wrong address for the first property. The last two properties Ive sold were financed through this company. Read Moreĭespite being legally obligated to return your escrow money in 30 days, this company opts to hang on to it longer. I think the worst part of this is to be active duty military and being relocated and trying to make the best of the situation and be treated like this is horrible. To me nothing new happened, but the lender seen rates rise or somebody made a mistake now the best rate I can find is ***** which costs me $150 per month more for 30 years or $54,000. I thought a rate lock was a binding agreement that the lender has to honor unless new information arises and affects your qualifications. The confusing part is my credit is in the high 600s and I havent done anything with credit since the rate lock. I was working with the loan officer for 2 weeks when I get a call on April 20th that they have bad news and something on my credit report showed up for ******* and they cant move forward with me. The Charlotte, N.C.–based bank has also committed an additional $15 billion through May 2027 to the Neighborhood Assistance Corporation of America (NACA) to provide mortgages to low- and moderate-income home buyers.Īlso read: Mortgage rates rise to 5.66%, highest level since June, likely to slow price appreciation.īank of America’s stock, which was down 1.7% in morning trading Thursday, has shed 10.I applied for a VA loan through AIM Loans and on April 6th received a loan estimate with a rate lock of *****% for 30 years which I signed since it was lower than anyone else. The home-ownership rate among African Americans remains nearly 30 percentage points behind the 72.1% ownership rate among white Americans.īank of America said the Community Affordable Loan Solution adds to its community homeownership commitment to provide $15 billion in mortgages by 2025, with a target of helping 60,000 individuals and families to purchase homes. home-ownership rate jumped 1.3% to 65.5% in 2020, the rate for Black Americans fell to 43.4% in 2020 from 44.2% in 2010, according to the National Association of Realtors. One of the objectives of the updated CRA is to promote special-purpose credit programs aimed at boosting lending.
AIM MORTGAGE UPDATE
Federal Reserve and other banking regulators work to update the Community Reinvestment Act (CRA) in an effort to increase the rate of home ownership in low income areas. The mortgage effort by the bank comes as the U.S. In describing its new mortgage program, Bank of America said it weighs mortgage eligibility based on timely rent, utility bill, phone and automobile-insurance payment, with home buyers required to take a certification class from approved housing counseling partners, prior to application. “I am absolutely sure this will not negatively impact minorities and their communities.” “What a great idea, offer Ninja loans 2.0 at the top of a housing bubble,” said. Twitter user compared the program to Ninja loans, which are loans provided with little or no attempt to investigate the ability to repay.
“These are not predatory loans,” said.Ī Twitter user called raised the question of whether the Bank of America program will be combined with protections to prevent homes from being sold for “pennies on the dollar.” “I trust BoA as far as I can throw said Black home ownership rates remain at our near all-time lows and that the real-estate gap has been increasing. “Is this an adjustable-rate mortgage? Cuz black neighborhoods have already been devastated by predatory loans,” said on Twitter in reaction to an NBCNews article on the bank’s mortgage program. It’s described as a special-purpose credit program being tested in select markets including Charlotte, Dallas, Detroit, Los Angeles and Miami.Īlong with no down payments, the program offers no closing costs for first-time home buyers, with no mortgage insurance or minimum credit score required. Unveiled the new loan product earlier this week. Others applauded the move as a way to address a drop in ownership rates by Black Americans between 20.
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