Bank of America announced the launch of a mortgage option for first

This week, Bank of America announced the launch of a mortgage option for first-time home purchasers

By: MPK Team Image: Unsplash

that will need no closing costs, no down payments, and no minimum credit score. Some people

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and families looking to buy a home in "designated markets, including specific Black/African American

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and/or Hispanic-Latino neighbourhoods in Charlotte, Dallas, Detroit, Los Angeles and Miami,

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according to a news release from Bank of America on Tuesday, will be able to use the "Community Affordable

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Loan Solution. The banking behemoth said this week that the programme does not call for mortgage insurance

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which purchasers may have to pay if they put down less than 20% of the cost of a property, or a minimum

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credit score. A credit score, which ranges from 300 to 850, aims to assess a person's creditworthiness.

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Rent, utility, and other financial obligations are taken into account by the programme. People must

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successfully complete a homebuyer course from a partner certified by Bank of America and the Department

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of Housing and Urban Development in order to be eligible. Eligibility is also based on income and residence location.

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