- Bank of America is launching new zero down payment, zero closing cost mortgage products to help members of predominantly minority communities buy their first homes.
- The program – called the Community Affordable Loan Solution – will be available in certain cities including Black and/or Hispanic/Latino neighborhoods.
- Eligibility is based on income and home location. No minimum credit score or mortgage insurance is required.
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To help narrow a homeownership gap among Black and Hispanic-Latino communities, Bank of America is launching new zero down payment, zero closing cost mortgage products to help people in minority communities buy their first homes.
The program — called the Community Affordable Loan Solution — will be available to certain markets including majority Black and/or Hispanic/Latino neighborhoods, in Charlotte, North Carolina; Dallas; Detroit; Los Angeles; and Miami.
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The loans are subject to rigorous underwriting and are based on credit guidelines including on-time bill payments including rent, utilities, phone and auto insurance payments. Eligibility is based on income and home location. No minimum credit score or mortgage insurance is required.
Applicants do not have to be Black or Hispanic/Latino to qualify for the loans.
Before applying, applicants must complete a homebuyer certification course provided by housing counseling partners approved by Bank of America and the Department of Housing and Urban Development.
"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," AJ Barkley, head of neighborhood and community lending at Bank of America, said in a statement.