A new mortgage programme from Bank of America will enable first-time homebuyers to buy

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a home with no down payment, no mortgage insurance, and no closing charges. The Community Affordable

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Loan Solution will debut in areas with a majority of Black and Hispanic neighbourhoods, including Charlotte,

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Dallas, Detroit, Los Angeles, and Miami, and may subsequently spread to other cities in an effort

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to address the racial homeownership gap. It won't call for a minimum credit score and will instead take

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other aspects into account when determining eligibility. The process of purchasing a home is

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notoriously pricey, and as property values have risen over time, the expense has only gone more. Buyers

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can pay close to $46,800 up front for a $400,000 home when you take into account a modest 5% down payment,

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lender fees that can cost up to 1% of the home's value, and closing costs that can be as high as 6%

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of the loan's value. However, this does not include other costs like the underwriting fee, title

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check, home inspection, and appraisal fees. Offering a loan with no down payment, mortgage insurance, or closing

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expenses could make homeownership more accessible. Additionally, when you spend less on the down payment.

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