BOA is promoting a new loan program that, on paper, sounds great. They say you can get 100% financing on loans over $417k, all on one great low rate, and not pay mortgage insurance.
The bait is set and now they reel you in.
Once you take the bait, the delay game begins, and then they will try to change the terms on you again and again until it is almost too late for you to look elsewhere.
First of all, I have good credit and make over 180,000 net per year, so this I am not subprime or marginal.
Here is what happened. I was told that with my credit score and income that I was eligible for this new program BOA was now offering (this was not through a broker, but was directly through BOA and you can see it on their website.)
I submitted all the paperwork and followed up to make sure everything is in order. NO return calls were received for 2 days.
Then I get the news that I was "just a little under their requirements" for the loan, but they could put it through if I came up with 5% down. I agreed to do that so I could get that great rate and no PMI.
I called every day for 7 days and left messages for the processor and supervisor, not a single one was returned.
Finally, after one week, I get a call back that, "Well, even though you accepted our counter offer, we have a second counter offer for you, because you are marginal (again, I have above average credit and my income is in the upper 4%). We now need you to not only come up with the 5% down, and we'll also require you to do 15% of the loan at 8.5%, but you'll still get the 80% at 6.25%"
So they delayed me intentionally for all this time to drop this bomb. A simple call back anytime during the total 2 week period they stalled could have wrapped this up so I could have moved on. They delayed until after the 17 day period was over and we could no longer get our deposit back. They delayed until it was almost too late to get another loan to close in time.
Please avoid this bait and switch. If I cannot meet their requirements, then fewer than 10-20% of all people looking for a loan could qualify. but they won't tell you that until they think they have you in a position where you have no choice but to take their terms or lose your deposit.
Long beach, California