Bank of America announces zero down payment mortgages for Black and Latino homebuyers
Bank of America said it is now offering first-time homebuyers in a select group of big-city communities zero down payment, zero closing cost mortgages to help grow homeownership among Black and Hispanic/Latino communities.
The offering will first become available in certain neighborhoods in Charlotte, Dallas, Detroit, Los Angeles and Miami. The offering, called the Community Affordable Loan Solution, aims to help eligible individuals and families obtain an affordable loan to purchase a home, the bank said.
“Homeownership strengthens our communities and can help individuals and families to build wealth over time,” AJ Barkley, head of neighborhood and community lending for Bank of America, said in a release. “Our Community Affordable Loan Solution will help make the dream of sustained homeownership attainable for more Black and Hispanic families, and it is part of our broader commitment to the communities that we serve.”
The loans require no mortgage insurance — the additional fee typically charged to buyers who put down less than 20% of the purchase price — and no minimum credit score. Instead, eligibility will be based on factors like timely rent payments and on-time utility bill, phone and auto insurance payments. Prospective buyers must also complete a homebuyer certification course provided by Bank of America and federally approved housing counseling partners before they apply for the loan program, the bank said.
https://www.msn.com/en-us/money/realestate/bank-of-america-announces-zero-down-payment-mortgages-for-black-and-latino-homebuyers/ar-AA11jYvz
= new reply since forum marked as read
