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Bank of America launches no down payment mortgage program

Bank of America launches no down payment mortgage program

Roommates, if you’ve been thinking about buying a home, now may be the time, thanks to a new initiative from one of the second largest financial institutions in the United States. According to nbc news, Bank of America now offers first-time homebuyers in a select group of cities zero-down-payment, zero-closing-cost mortgages. The initiative is to help increase homeownership among the Black and Hispanic/Latino communities.

Residents living in specific neighborhoods in Charlotte, Dallas, Detroit, Los Angeles and Miami will be among the first to take advantage of it. The new mortgage, called the Community Affordable Loan Solution, aims to help eligible individuals and families get an affordable home loan, the bank says.

AJ Barkley, head of neighborhood and community lending at Bank of America, said in a press release, “Homeownership strengthens our communities and can help individuals and families build wealth over time.” he added, “Our Affordable Community Loan Solution will help more African American and Hispanic families achieve the dream of sustained homeownership, and is part of our broader commitment to the communities we serve.”

BOA provided more information for potential buyers. The institution advises that the loans do not require mortgage insurance: the additional fee is usually charged to buyers who pay less than 20% of the purchase price. Also there is no minimum credit score. Instead, eligibility will be based on factors such as timely rent payments and on-time bills, including utility, phone and car insurance payments.

They also explained that prospective buyers must complete a homebuyer certification course provided by the institution and its federally approved housing counseling partners before applying for the loan program. This initiative is a great way to help people of color, given Bank Of America’s history. If you recall, Countrywide Financial, a subprime lender that Bank of America bought in 2008, was fined $335 million in 2011 for claims it charged black and Hispanic homebuyers higher interest rates than applicants. whites.

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Flatmates, you’re going to take the opportunity?


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