Bank of America would have many of the same “First-Time Homebuyer” programs that every other lender that utilizes Fannie Mae/Freddie Mac loan products does. To get into some of the really good FTHB programs, consult with your state housing authority. In Iowa and Wisconsin, for example, the programs are administered by IFA (Iowa Finance Autority) and WHEDA(similar agency). Many of these are true First Time home buyers programs; down-payment assistance loans/grants, very attractive interest rates and caps on closing costs. Most of the major lenders in your area would know about what your state has to offer and that’s where I would ask first; your Primary Financial Institution (Credit Union or Bank or reputable Mortgage Banker/Broker).
Many people get hung up on First Time Homebuyers and ask for it up front. In truth, this can be an open invitation to an unscrupulous mortgage person to put you into the same loan as they would anyone else and charge you a higher Origination/Discount/Broker fee for their “extra” trouble. Do not be fooled with this. Having been in the mortgage business myself for many years, I have seen this first hand.
Bank of America is going through some major changes. A few months ago, B.O.A. became a major share holder in Countrywide, with the backing of Berkshire/Hathaway and Warren Buffet (Geico man). Most recently B.O.A. expressed interest in aquiring an even bigger stake in Countrywide and many insiders believe they will end up with a huge chunk of CW.
Ultimately, you should look and your Primary financial Institution first for your mortgage advice (not a realtor for heavens sake) as it is about who you have a relationship with and who you trust. If that is B.O.A., then go there. If not, go to your credit union or bank where you have your other accounts. Chances are they will help you as much as anyone make the best financial decisions.
