Bank of America is now offering first-time homebuyers zero down payment, zero closing cost mortgages to help grow homeownership among Black and Hispanic/Latino communities. Buyers in L.A. are now among the first in the country to have access to the new program, dubbed the Community Affordable Loan Solution, according to NBC News.
Applicants do not have to be Black or Hispanic to qualify for the product, a bank representative said.
The option is also available in certain neighborhoods in Charlotte, Dallas, Detroit and Miami.
The program uses credit guidelines based on factors such as timely rent, utility bill, phone and auto insurance payments. It requires no mortgage insurance or minimum credit score. Individual eligibility is based on income and home location. Prospective buyers must complete a homebuyer certification course provided by select Bank of America and HUD-approved housing counseling partners prior to application.
”Homeownership strengthens our communities and can help individuals and families to build wealth over time,” said AJ Barkley, head of neighborhood and community lending for Bank of America. “Our Community Affordable Loan Solution will help make the dream of sustained homeownership attainable for more Black and Hispanic families, and it is part of our broader commitment to the communities that we serve.”
For more information, contact Bank of America at 1-800-641-8362.