More Mix in Lending Options

I just finished reading an article that Bank of America is going to offer a 3% down loan, with no PMI to qualified borrowers.

Yep, that's the face I made too...

They have a plan in place to sell the loans immediately for servicing, etc. The FHA will have nothing to do with these loans, so they say.

I dunno, really? I understand that we need to get more people into homes. This program you must have a 660 FICO score. BUT, no reserves. No reserves? That's just stupid...in my humble opinion.

Someone with a 660, with only 3% down, and nothing left in the bank for a rainy day? Stupid I tell ya!