Eligible first-time buyers could benefit from this affordable home loan solution.
- Bank of America is committed to providing more affordable homeownership solutions.
- The bank’s brand-new Community Affordable Loan Solution™ is a no down payment, no closing costs home loan solution for eligible first-time buyers.
- Find out what you need to know about this new mortgage product.
A new Bank of America mortgage could make it possible for more first-time buyers to become homeowners. This new loan product is part of the brand’s commitment to providing more affordable homeownership opportunities. Those who qualify could take advantage of zero down payment and zero closing costs requirements — making homeownership more attainable.
Bank of America’s mortgage product, the Community Affordable Loan Solution™ could make it easier for more Americans to make their homeownership dreams a reality. This solution offers a more affordable way to buy property.
Bank of America recently introduced a new mortgage product. The Community Affordable Loan Solution™ is a home loan option for first-time buyers. It requires zero down payment, zero closing costs, and has no mortgage insurance requirements.
However, this loan won’t be made available everywhere. It will be available in select markets, including some Black/African-American and Hispanic-Latino neighborhoods in Charlotte, Dallas, Detroit, Los Angeles, and Miami.
Since down payment and closing costs are financial burdens for many Americans, Bank of America hopes this mortgage will eliminate some financial barriers that keep people from closing on a home.
This loan uses different credit guidelines than other home loans. This includes using timely rent, utility bills, and auto insurance payments to determine creditworthiness.
There is no minimum credit score needed to qualify. Eligibility is based on income and home location. Those who want to buy and utilize this loan must be first-time buyers and complete a home-buyer certification course by an approved housing counseling partner.
Low-income buyers and POC face greater challenges
Financial hurdles keep many Americans from buying a home. Low-income families and POC face greater barriers to becoming homeowners.
According to the National Association of Realtors, homeownership rates vary significantly between White Americans and minority Americans.
The homeownership rate for White Americans is 72.1%. But that differs significantly for Black and Hispanic Americans. The homeownership rate for Black Americans …….