Bank Of America Zero Down Payment Application

Bank Of America Zero Down Payment Application – Written by Jeff Ostrovsky Powered by Jeff Ostrovsky Arrow Right Home Loans Author Jeff Ostrovsky covers mortgages and the housing market. Before joining in 2000, he wrote about real estate, business, economics and politics for more than 20 years. Connect with Jeff Ostrovsky on Twitter Twitter Connect with Jeff Ostrovsky on LinkedIn LinkedIn

Editor: Susan De Vita Editor: Susan De Vitaarrow Right Senior Editor, Home Lender Susan De Vita is a Senior Editor at the Home Lending Group, specializing in mortgage and real estate topics for home buyers, homeowners, investors and renters. Connect with Susan De Vita on LinkedIn Connect with Susan De Vita via Email Email Susan De Vita

Bank Of America Zero Down Payment Application

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Bank Of America Launches Zero Down Payment Mortgages To Help Minorities Buy Their First Homes — Here’s Who Can Apply

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Down Payment Assistance: Available Programs & How To Apply

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In an effort to address the persistent racial wealth gap, one of the nation’s largest banks has launched a mortgage program targeting first-time homebuyers in black and Latino neighborhoods. The program’s loose eligibility criteria remove some of the main barriers to home ownership, but create a risk of default for borrowers with little safety net.

Bank of America’s new Community Affordable Loan solution has no down payment requirements, no closing costs, a low credit score and no mortgage insurance required. Currently, the program is limited to first-time buyers in African-American, black and Hispanic-Latino neighborhoods in Charlotte, Dallas, Detroit, Los Angeles and Miami. Key difference: In addition to the original buyer criteria, the bank determines eligibility for the program based on the borrower’s location and income, not caste.

“It takes more than one agency to solve a problem, but any positive step toward solving an ongoing problem is a step in the right direction,” said Miami real estate agent Danny Felton. National Association of Real Estate Brokers.

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One of the generous features of the Bank of America program is that borrowers do not pay a premium for mortgage insurance. Most conventional down payment loans and 3.5% down FHA loans come with mortgage insurance. Felton describes this challenge as “the poor paying more.”

The Bank of America program aims to address an ongoing challenge facing the US housing market: the difficulties black Americans and Hispanic Americans have in securing home ownership. According to the US Census Bureau, In the second quarter of 2022, nearly three-quarters of white Americans owned a home, while less than half of black and Hispanic Americans were homeowners.

There are many reasons for the racial homeownership gap, including lower income and lower household wealth among black and Hispanic Americans and discriminatory lending practices in the real estate industry. Mortgage lenders have long since stopped blatant discrimination like Kylindin’s, but the economic wounds have been slow to heal. A growing number of studies show that African-American-owned homes are now undervalued by appraisals, with one recent study showing that nearly half of black and Hispanic homebuyers miss out on discrimination in some areas .

Bank of America programs are attractive to qualified borrowers. But it comes with red flags. Compared to borrowers who clear strict qualifying hurdles, borrowers who buy a home without a down payment are more likely to experience higher closing costs and a lower credit score. To reduce this risk, banks require borrowers who participate in the program to complete a home buyer certification course.

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However, these new owners are buying homes in what could be a prime housing market, and have no equity to protect them from falling prices.

“While the program’s intentions are good, introducing a no-down payment program for first-time home buyers after rising house prices could put some home buyers at risk if house prices fall or even remain flat,” he said. Chief Financial Analyst Greg McBride in a statement Loan balances are not going down fast enough to build an adequate equity cushion if you want to sell in a few years.”

For most Americans, home ownership is an important way to build wealth. A mortgage default or foreclosure can be a huge blow to those efforts.

Felton said the bank’s home buying process requirements are an important safeguard. Although they do not set a minimum credit score to qualify, banks do look at borrowers’ credit and payment history, such as car insurance, rent and utilities.

Down Payment Assistance Programs & Grants By State 2023

“This is not a no-credit program,” Felton said. “You need to have three lines of business for at least 12 months, which is your credit history.”

For qualified home buyers, Bank of America plans offer attractive discounts. Many loan programs cater to buyers with low or no down payments, but all charge high fees for things like loan insurance.

Jeff Ostrovsky covers mortgages and the housing market. Before joining in 2000, he wrote about real estate, business, economics and politics for more than 20 years.

Editor: Susan De Vita Editor: Susan De Vitaarrow Right Senior Editor, Home Lender Susan De Vita is a Senior Editor at the Home Lending Group, specializing in mortgage and real estate topics for home buyers, homeowners, investors and renters. Connect with Susan DeVita on LinkedIn Connect with Susan DeVita on LinkedIn via Email Susan DeVita via Email Home Loan Senior Editor A pedestrian walks past a Bank of America ATM in San Francisco on January 23, 2020. Alex Tye/Lightrock via Getty Images File

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Bank of America said it is offering no down payment and no closing cost loans to first-time home buyers in cities designated to expand homeownership in black and Hispanic/Latino communities.

This option will initially be available at select locations in Charlotte, Dallas, Detroit, Los Angeles and Miami. The new Community Affordable Loan Solution mortgage aims to help eligible individuals and families obtain affordable loans to buy a home, the bank said.

Applicants must not be black.

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