BofA Rolls Out 3% Down, No FHA Loan Program

A new mortgage product unveiled by Charlotte, North Carolina-based Bank of America will allow borrowers to make as little as a three-percent down payment, and cuts the Federal Housing Administration out of the process. The new loans could be cheaper than those offered through the FHA, mainly because it lets borrowers avoid buying private mortgage insurance.

BofA says an alternative is needed to help credit-worthy borrowers with a track record of paying debts on time. The new loans will be backed in a partnership with Freddie Mac and the Self-Help Ventures Fund, a Durham, N.C.-based nonprofit.

Loan production for the new program will be capped at $500 million annually, and BofA says three out of four mortgages in the new program would have likely received FHA backing.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Public Relations and Communications for Connect Creative. Dennis is a communications leader with more than 40 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect Creative’s agency client services and is involved in a range of initiatives ranging from public relations and content strategy, communications and message development, copywriting, media relations, social media and content marketing services. Prior to joining Connect Media in 2015, his most recent corporate communications roles involved leading a regional public relations effort across Southern California for CBRE, playing a key marketing role on JLL’s national retail team, and directing the global public relations effort at ValleyCrest (BrightView), the nation’s largest commercial landscape services company. He has worked on marketing communications assignments for such CRE companies as Blackstone/Equity Office, Carlyle, Caruso, Disney Resorts, GE Capital, Irvine Company, Hines, Howard Hughes Corp., Jeffries, Lennar, MGM, Marcus & Millichap, Prologis, Raleigh Studios, Simon, Starwood, Trammell Crow Company, Transamerica, UBS and Wynn Resorts. Dennis has also worked on communications and launch strategies for a number of consumer electronic, media and tech brands including SlingMedia, Channel Master, Deluxe Media Entertainment, BeIn Sports, EchoStar and Sprint. Dennis’s agency background included firms such as Off Madison Ave., Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, Boy Scouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and the Thunderbirds Charities.

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BofA Rolls Out 3% Down, No FHA Loan Program

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BofA Rolls Out 3% Down, No FHA Loan Program

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About Dennis Kaiser