The Acorn Program From Bank of America is Still Around

With all the changes in the mortgage industry, first time home buyers in Oakland and the surrounding Bay Area should know that there is still a way for them to get 100% financing on single family homes up to $515k. Although the Acorn program no longer offers below market interest rates, it still offers 100% 30 yr fixed loans at very competitive prices with no pre-payment penalty or PMI.

The guidelines are as follows:

-Annual income cannot exceed $84,000

-Purchase price on the property must be $515k or under for single family homes (they do have loans for income property as well)

-The borrower also must attend a first time buyer seminar given by Bank of America

-Fico score is not critical, but income must be verified

All in all, this is still the best (and one of the only) programs for first time buyers which allows them to still get 100% financing. In addition, with mortgage guidelines changing so quickly these days, it pays to work with a reputable lender who will be around for the foreseeable future and who won't pull the plug on your financing at the last minute!

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