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BofA Modifies Fee for Lender Origination

On the heels of its recent $5 billion commitment to help more than 20,000 individuals and families buy a home, Bank of America [1] is offering a $0 Lender Origination Fee for clients who close a FHA, VA, Affordable Loan Solution, or Freddie Mac Home Possible mortgage with the bank.

This offer is available on first mortgage applications taken between April 15 and October 31, 2019. To reduce upfront costs further, Bank of America said that the limited time offer can be combined with:

Recently, Bank of America had announced a $5 billion Affordable Homeownership Initiative that is aimed at helping more than 20,000 individuals in low- and moderate-income communities realize their goal of homeownership.

“We know many of our clients want the power to own their first home, which can sometimes be challenging. One of the ways we’re helping is through our suite of affordable homeownership solutions and professional resources, which aid them in overcoming barriers and put sustainable homeownership within reach,” said D. Steve Boland Head of Consumer Banking at Bank of America.

The company will commit this additional $5 billion over the next five years to its Bank of America Neighborhood Solutions program.