If you've tried to buy a home only to learn that your credit score is too low to qualify for a mortgage or you cannot afford a down payment or closing costs, your luck may have just turned in your favor. Bank of America is now offering a zero down payment, zero closing costs option for first-time home buyers in specific demographics.
- No closing costs
- No down payment
- No minimum credit score
- No mortgage insurance requirements
The Community Affordable Loan SolutionTM wants you to be able to acquire an affordable loan so you can buy your first home. This "solution" is a Special Purpose Credit Program designed to meet the credit needs of those in underserved Black/African American and Hispanic/Latino communities. Charlotte, Dallas, Detroit, Los Angeles, and Miami have launched the program to help you purchase your first home.
The National Association of Realtors® reports nearly a 30-percentage-point-gap in homeownership between White and Black Americans. There is almost a 20-percent gap between White and Hispanic home buyers.
The Bank of America homebuyer program uses credit guidelines such as utility bills, timely rent payments, auto insurance, and phone payments to help you qualify to purchase a home. There is no minimum credit score, so you no longer have to stress about that. Also, the program has no mortgage insurance requirements, which are typically required when you pay less than a 20% down payment. Your eligibility is based on your income and the location of the home. Finally, you will be required to complete a homebuyer certification course before you can be eligible for the mortgage through the Community Affordable Loan SolutionTM.
- Build wealth over time
- Free financial educational information
- Complete a homebuyer certification course
- Help in identifying homes that qualify for the program
In 2023, the zero down payment, zero closing costs program plans to launch in more cities. To stay abreast of the latest Bank of America news, including the program launch in additional cities, subscribe here. Don't hesitate to contact Bank of America at 646-743-0791 or your real estate agent for more information on the program.
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