New Bank of America Product Represents an Interesting Mortgage Development

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Bank of America is announcing a new mortgage that will allow potential home buyers with income below the area median and a credit score of at least 660 to get a mortgage with as little as a 3 percent down payment.  The new loan will not require private mortgage insurance and will not be insured by the Federal Housing Administration (FHA).  The bank is partnering with Self-Help Ventures Fund and Freddie Mac for this program.  Bank of America wi

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