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Bank of America is offering first-time homebuyers in select cities zero down payment, zero closing cost mortgages to increase Black and Hispanic/Latino homeownership.
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First in Charlotte, Dallas, Detroit, Los Angeles, and Miami. The Community Affordable Loan Solution mortgage aims to help eligible individuals and families buy a home.
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Homeownership strengthens communities and helps individuals and families build wealth, Bank of America's AJ Barkley said.
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Low-down-payment borrowers don't need mortgage insurance or a minimum credit score. Rent, utilities, phone, and auto insurance payments determine eligibility.
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Before applying for the loan, prospective buyers must complete a Bank of America and federally approved housing counselling course.
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"During the pandemic, rising home prices and low housing supply have disproportionally affected Black households," the NAR said.
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Bank of America and other major financial institutions have a checker history of lending to minorities and disabled buyers.
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Bank of America's 2008 subprime lender Countrywide Financial was fined $335 million in 2011 for charging Black and Hispanic homebuyers higher interest rates.
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Bank of America's 2008 subprime lender Countrywide Financial was fined $335 million in 2011 for charging Black and Hispanic homebuyers higher interest rates.