Bank Of America Launches Zero Down Payment Mortgages

Bank Of America Launches Zero Down Payment Mortgages – Bank of America has announced a new zero down payment, zero closing option for first-time homebuyers available in select markets including Charlotte, Dallas, Detroit, Black/African American and/or Hispanic-Latino areas. Los Angeles and Miami. Rick Moriarty | syracuse.com

New loans may be available in specific markets, with an emphasis on serving Black/African American and/or Puerto Rican-Latino communities.

Bank Of America Launches Zero Down Payment Mortgages

Community Affordable Loan Solutions uses loan advice based on things like timely rent, utility bills, phone and car insurance. It requires no home insurance or down payment.

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Individual eligibility is based on income and residency. Prospective buyers must complete a homebuyer certification course offered by Bank of America and HUD-accredited home counselors before applying.

“Owning a home strengthens our communities and can help individuals and families build wealth over time,” said Age Barkley, head of community lending at Bank of America. “Community Affordable Loan Solutions is part of our commitment to the communities we serve by helping black and Hispanic families realize their dream of sustainable housing.”

According to the National Association of Realtors, the cost of buying a home is about 80% more expensive than it was three summers ago. Mortgage rates rise with rising interest rates due to the Federal Reserve raising interest rates.

According to Freddie Mac, mortgage loans have doubled from a year ago. The 30-year yield reached 5.66%, while the 15-year yield reached 4.98% on September 1.

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The competitive housing market has made foreclosures a major factor in the real estate industry. That widened the racial gap among homebuyers, as black and Hispanic applicants were 7% more likely to get a mortgage than their white counterparts, according to the NAR.

There is a nearly 30 percent difference in homeownership between black and white Americans. The homeownership rate for black Americans is lower than it was in 2010, according to the NAR.

Hispanic buyers saw growth in the real estate market, with Hispanic American homeowners exceeding 50% for the first time.

In 2011, Bank of America agreed to pay $335 million to settle Justice Department allegations that its country finance division made 200,000 loans to blacks and Hispanics “because of race or nationality.” The New York Times has reported this.

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In 2019, the bank launched the Community Home Ownership Commitment, which offers payment options and closing costs. The goal is to help 60,000 individuals and families buy affordable homes by 2025.

To date, more than 36,000 individuals and families have used the program. Bank of America has originated more than $9.5 billion in subprime mortgages and more than $350 million in non-recourse and/or foreclosure payments.

To date, two-thirds of the loans and financing provided through Community Commercial Assistance have helped multicultural clients find housing, according to Bank of America.

We receive compensation if you purchase a product or register for an account through a link on our site. By using this website, you accept our user agreement and agree that your clicks, interactions and personal information may be collected, recorded and/or stored by us and our social networks and other third-party partners in accordance with our privacy policy. In a select group of cities, including Charlotte, first-time home buyers qualify for zero down payments to encourage homeownership among black and Hispanic residents.

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CHARLOTTE, NC – Bank of America is now offering zero-down, zero-closing loans to first-time homebuyers in select cities, including Charlotte, to promote homeownership among black and Hispanic residents.

Bank of America is offering the new option at select locations in Charlotte, Dallas, Detroit, Los Angeles and Miami. The new loan is called the Affordable Credit Solution for the Community and aims to help more people and families access affordable credit.

Tameka Gunn is Vice President of Community Link. The nonprofit organization helps people move toward homeownership through home improvement workshops, debt management skills and financial education programs. He is eager to connect his customers with this new system.

A 2021 Charlotte study found that some major lenders are more likely to deny mortgages to black borrowers than to white borrowers. Across the market, the data shows a disparity in mortgage rates between income groups.

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According to the Census Bureau, 73.8% of white Americans own their homes, and this number drops to 48.3% for Hispanics and 45.3% for black households.

“A lot of problems small groups face when buying a home is having to have some down payment on the home and then having to put that down payment on closing,” said Brittney MacDonald, a North Carolina real estate agent. “There’s a huge disparity in home ownership for minorities. It’s been going on for years for a variety of reasons.”

“There’s a lot going on everywhere and there’s a lot going on here in Charlotte,” MacDonald said. “We are seeing black people being removed from cities where black people live in those areas. So people have an opportunity to use this loan program. Get money in these areas.”

“Owning a home strengthens our communities and can help individuals and families build wealth over time,” said AG Barkley, Bank of America’s head of community and community lending. “Community Affordable Loan Solutions is part of our commitment to the communities we serve by helping black and Hispanic families realize their dream of sustainable housing.”

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Zero interest loans do not require home insurance, they are available to buyers with less than 20% down payment and no bad credit. Instead, eligibility is based on things like loan repayments and on-time bill payments, phone payments and car insurance.

“You have to stay in the home for a long time, so it’s not for investors who buy and sell properties,” Gunn said. “It gets people into the program, into their homes, so they can stay.”

According to Bank of America, prospective buyers must also complete a homebuyer certification course in order to apply for an interest-free loan.

Seven major Charlotte media companies and other local organizations are part of Can’t Live Here, a collaborative reporting project focused on solutions to Charlotte’s affordable housing crisis. A project launched by the Solutions Journalism Network with support from the Knight Foundation to promote and revitalize local media, a collaborative project of Charlotte Journalism with support from the Local Media Project. Our atcharlottejournalism.org .Katrina Campins analyzes the housing market and discusses how rising interest rates are affecting home buying in ‘Cavuto: Coast to Coast.’

Bank Of America Tests No Down Payment Mortgages For Homebuyers In Black, Latino Neighborhoods

Bank of America announced this week that it is launching a pilot program to offer loans to first-time homeowners with no down payment, closing costs or low interest.

The program, called Community Affordable Loan Solutions, is available to residents of predominantly black and Hispanic communities in Charlotte, Dallas, Detroit, Los Angeles and Miami.

Applicants must not be black or Hispanic to be eligible for the program. It is not clear what the program is.

There is no limit to the number of credits included in the program; According to the bank, all properties must be more than 50% African American or Hispanic on census tracts.

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Bank of America logo in New York City, New York, USA on January 10, 2017.

“Home ownership strengthens our communities and can help individuals and families build wealth over time,” Bank of America director of neighborhood and community lending AG Barkley said in a statement. “Community Affordable Loan Solutions is part of our commitment to the communities we serve by helping Black and Hispanic families realize their dream of sustainable housing.”

The Charlotte-based bank does not require home insurance — an additional fee that buyers face if they put down less than 20% of the home purchase price in the program. Demand depends on things like rent, utilities, phone and car insurance.

Prospective buyers must complete homebuyer certification courses with Bank of America and state-approved real estate consulting firms before applying.

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Homes in the Harris Ranch community, Boise, Idaho, USA, Friday, July 1, 2022. (Jeremy Erickson/Bloomberg via Getty Images/Getty Images)

The racial disparity in homeownership continued in 2020, according to the latest survey from the National Association of Homeowners. Homeownership Fees for Whites

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