No-Down-Payment Mortgages Are Tested by Bank of America in Black and Hispanic Communities
The pilot initiative seeks to make loans more accessible to first-time purchasers in a number of neighborhoods.
Bank of America provides first-time homebuyers with mortgages that don't demand down payments,
In a program designed to increase homeownership rates among first-time Black and Latino purchasers, there are no minimum credit scores or closing costs.
Bank of America will extend loans under the experimental program, which was unveiled on Tuesday,
to residents in a few predominately Black and Hispanic communities in Charlotte, North Carolina; Dallas; Detroit; Los Angeles; and Miami.
The Community Affordable Loan Solution program does not require mortgage insurance and eligibility is determined by area and income.