Bank of America Launches Pilot Program To Help First-Time Homebuyers in Black and Latino Neighborhoods


In this photo taken Thursday, June 22, 2017, Graciano de la Cruz stands in the living room of his home in San Francisco. La Cruz grew up in San Francisco, the child of a Filipino father and an African-American mother. He and his wife, Buena, who is Filipino-American, must now sell their own home of two decades to pay off a debt that stemmed from a "pick-a-payment" loan with World Savings Bank in August 2006. (AP Photo/Eric Risberg)
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Bank of America launched a pilot program in several cities to help first-time homebuyers in Black and Latino neighborhoods obtain mortgage loans without down payments, closing costs or credit score minimums, Bloomberg News reports.

The trial program seeks to close the minority homeownership gap by eliminating some of those obstacles, even as the mortgage industry is plagued with practices that discriminate against minorities. Homeownership rates surged in 2020, but disparities remained. For white Americans, the homeownership rate is about 72 percent and 43 percent for African Americans, KXAS reports.

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