Bank of America: In an effort to increase homeownership among Black

In an effort to increase homeownership among Black and Hispanic/Latino populations, Bank of America

By: MPK Team Image Source: Google

announced that it is now providing zero down payment, zero closing cost mortgages to first-time

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homebuyers in a limited number of areas. Certain Charlotte, Dallas, Detroit, Los Angeles, and Miami communities will

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be the first to provide the option. According to the bank, the new mortgage, known as the Community Affordable

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Loan Solution, intends to assist qualified individuals and families in obtaining an affordable loan to buy a property.

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The head of neighbourhood and community lending at Bank of America, AJ Barkley, stated in a release

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that homeownership "strengthens our communities and can allow people and families to grow

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wealth over time." Our Community Affordable Loan Solution, which is a part of our larger commitment to the

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communities we serve, will assist more Black and Hispanic families realise their dream of sustainable homeownership.

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Mortgage insurance, which is generally levied to buyers who put down less than 20% of the purchase price,

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is not necessary for these loans, nor is there a required minimum credit score. Instead, eligibility will be

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determined by criteria including on-time utility, phone, and auto insurance payments, as well as timely rent payments.

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