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Bank of America is specifically offering zero closing cost mortgages for first time home buyers in black and Hispanic communities.
According to NBC News, Bank of America’s head of neighborhood and community lending said, “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.”
“Homeownership strengthens our communities and can help individuals and families to build wealth over time,” Barkley said of the program, which is seeing an initial roll out in Charlotte, Dallas, Detroit, Los Angeles, and Miami neighborhoods with the plan to expand nationwide.
The requirements for the Community Affordable Loan Solution mortgage differ from traditional mortgages. Bank of America does not require a minimum credit score, opting instead to check on applicant’s rent and utility payment history. Potential homebuyers must also complete a certification course that is mandated by both the bank and a “federally approved housing counseling partner.”
Finally the loan forgoes applicants from having to purchase mortgage insurance if they cannot put down less than 20 percent of the home’s purchase price.
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