In an effort to increase homeownership among Black and Hispanic communities, Bank of America announced that it is now providing zero down payment, zero closing cost mortgages to first-time homebuyers in a limited number of areas.
Certain Charlotte, Dallas, Detroit, Los Angeles, and Miami branches will be the first to provide the option.
According to the bank, the new mortgage, known as the Community Affordable Loan Solution, intends to assist qualified individuals and families in obtaining an affordable loan to buy a property.
AJ Barkley, head of neighborhood and community lending for Bank of America, said in a press release, “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.”
