To help narrow a homeownership gap among Black and Hispanic-Latino communities, Bank of America is launching new zero down payment, zero closing cost mortgage products to help people in minority communities buy their first homes.
The program — called the Community Affordable Loan Solution — will be available to certain markets including majority Black and/or Hispanic/Latino neighborhoods, in Charlotte, North Carolina; Dallas; Detroit; Los Angeles; and Miami.
The loans are subject to rigorous underwriting and are based on credit guidelines including on-time bill payments including rent, utilities, phone and auto insurance payments. Eligibility is based on income and home location. No minimum credit score or mortgage insurance is required.
Applicants do not have to be Black or Hispanic/Latino to qualify for the loans.
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