Bank of America Affordable Loan Solution
A Bank of America conventional mortgage with a down payment as low as 3%. It has location-based income and loan limits and requires mortgage insurance.
- Down payment
- Down payment as low as 3%; up to 97% loan-to-value for a one-unit property.
- Credit context
- Bank of America’s public product page does not publish a universal minimum credit score. All loans remain subject to credit approval.
- Income rules
- Income and loan-amount limits apply and vary by location.
Individual lenders set the interest rate, fees, mortgage-insurance treatment, and final approval requirements. Compare written Loan Estimates before choosing.
How repayment works
Your monthly housing payment usually includes principal and interest, and may also include property taxes, homeowners insurance, mortgage insurance, and association fees. Your lender’s written Loan Estimate and Closing Disclosure control the actual costs and terms.
A lower advertised down payment does not necessarily mean the lowest monthly payment or lowest total cost.
Who it may fit
A Bank of America conventional mortgage with a down payment as low as 3%. It has location-based income and loan limits and requires mortgage insurance.
These are situations worth exploring, not a qualification decision.
What could rule it out
- The issuing body does not set a single credit floor; each lender sets its own.
- Repeat buyers may use this loan type, subject to the other rules.