Any home finance peeps on here

Saw this on Facebook new program:
First Time Homebuyers - New Conventional ZERO $ Minimum Investment from Borrower:

Starting Dec 1st, Wenhe Mortgage and Realty will be offering a conventional product that allows for ZERO minimum investment from the borrower. It will be conventional 95% LTV, where the 5% can be a gift. There are some additional requirements on loans where the borrower does not contribute their own funds into the ...transaction.

Additional Requirements:

Minimum 720 FICO
Maximum 41% DTI
Minimum 2 Months Reserves (reserves may be gifted)

The additional requirements are only for borrowers who are having their minimum investment gifted, and/or who are not contributing their own funds toward their minimum investment into the transaction.

Maximum loan amount is $417000.
For California residents only.

IMHO Stay away from ML/BOA Home Loans. Worst experience of my life!

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Originally Posted by Patyacht

IMHO Stay away from ML/BOA Home Loans. Worst experience of my life!

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I worked in Mortgage for 7 years and yes it is much harder to get a loan these days. Long drawn out process.

Not really hard to get the loan although they kept changing the rules to suit themselves and not the client. Really got weird when it came time to convert the construction loan to a regular loan. Since they are the judge and the jury I see it as a major conflict of interest. When the dust finally settles I'll be moving on and have nothing to do with ML or BOA again. Since it's not resolved I'm still looking at all my options.

Quote:

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Originally Posted by Patyacht

Not really hard to get the loan although they kept changing the rules to suit themselves and not the client. Really got weird when it came time to convert the construction loan to a regular loan. Since they are the judge and the jury I see it as a major conflict of interest. When the dust finally settles I'll be moving on and have nothing to do with ML or BOA again. Since it's not resolved I'm still looking at all my options.

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I would recommend a smaller bank or credit union.