Bank of America has a new homebuyers program that looks to make Black Americans homeowners. The new zero down payment, zero closing cost mortgage program is for first-time homebuyers in certain Black neighborhoods in Charlotte, Dallas, Detroit, LA, and Miami. Bank of America says program, coined the Community Affordable Loan Solution, was created to help eligible people and families obtain an affordable loan.
According to the National Association of Realtors, there is a nearly 30% gap in homeownership between white and Black Americans. For Hispanic buyers, that gap is nearly 20%. The competitive housing market has made it even more difficult for potential homebuyers, especially people of color, to buy homes.
The Community Affordable Loan Solution uses credit guidelines based on timely rent, utility bill, phone, and auto insurance payments. It requires no mortgage insurance or minimum credit score, and individual eligibility is based on income and home location.
Perspective buyers must complete a homebuyer certification course provided by select Bank of America and HUD-approved housing counseling partners before they apply.
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