October 13, 2014
The new Wealth Building Home Loan (WBHL) offers low-to-moderate-income home buyers the chance to secure a 15-year mortgage with little to no money down, Realtor.com reports.
“This will be a game changer,” the nonprofit Neighborhood Assistance Corporation of America says in a statement. “The majority of the mortgage payment will now go to the equity in the home effectively providing debt-free homeownership.” Bank of America will hold the 15-year mortgage loans and subsidize the interest rate buydown.
