Bank of America offering no downpayment, no closing costs, no credit score home loans

Published on

Bank of America offering no downpayment, no closing costs, no credit score loans

 

NATIONWIDE – Bank of America announced, August 30, a new loan, Community Affordable Loan Solution, which allows zero down payment, zero closing cost and no minimum credit requirement for first-time homebuyers in Black and Latino designated neighborhoods. This program is in addition to the bank’s partnership with the Neighborhood Assistance Corporation of America (NACA) to provide zero down, zero closing cost, no minimum credit score loans for low-to-moderate income homebuyers through May 2027.

Community Affordable Loan Solution

The Community Affordable Loan Solution uses credit guidelines based on factors such as timely rent, utility bill, phone and auto insurance payments. It requires no mortgage insurance or minimum credit score. Individual eligibility is based on income and home locations – certain neighborhoods in Charlotte, Dallas, Detroit, Los Angeles and Miami qualify. Prospective buyers must complete a homebuyer certification course provided by select Bank of America and HUD-approved housing counseling partners prior to application.

 





 

According to the National Association of Realtors, today there is a nearly 30-percentage-point gap in homeownership between White and Black Americans; for Hispanic buyers, the gap is nearly 20 percent. And the competitive housing market has made it even more difficult for potential homebuyers, especially people of color, to buy homes.

“Homeownership strengthens our communities and can help individuals and families to build wealth over time,” said Bank of America Head of Neighborhood and Community Lending AJ Barkley. “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.”

NACA Home Loan

For 25 years, the NACA/Bank of America Homeownership Program has provided mortgages for individuals and families. The mortgages come with no down payment, no closing costs (paid for by Bank of America), no minimum credit score, at a below market fixed rate. This partnership has provided affordable homeownership for more than 42,000 households since 1996.

“Bank of America has been NACA’s largest and most important partner in providing our Best in America Mortgage nationwide,” said NACA Chief Executive OfficerBruce Marks. “This private sector partnership is the largest and most effective in the country, with one of the lowest foreclosure rates, and sets the national standard for affordable homeownership.”

For more information about the Community Affordable Loan Solution contact Bank of America at 1-800-641-8362.

For more information about the NACA Home Loan Program visit https://www.naca.com/purchase/

spot_img

Latest articles

Aclima’s vehicles begin mapping air pollution in 64 underserved California communities

  CALIFORNIA – Acclima announced June 30 that its vehicles are now collecting block-by-block air...

Caltrans awards San Bernardino County $700,000 to boost biking, walking and transit options on state highways

SAN BERNARDINO COUNTY – Caltrans announced July 1, that it awarded $26.5 million in...

Free ride reimbursement in SoCal for July 4th

VICTORVILLE – Walter Clark Legal Group is sponsoring its Safe Ride Home Program during...

Two San Bernardino County men arrested and charged for violently stalking victims

CALIFORNIA – The Federal Bureau of Investigation (FBI) announced that two San Bernardino County...

More like this

CA sues notorious landlord with over 22,000 units marked by roaches, rodents and leaking roofs

CALIFORNIA – California attorney general Rob Bonta announced June 12, that he filed a...

Insurance commissioner launches investigation into State Farm’s handling of wildfire claims

CALIFORNIA – California Department of Insurance (CDI) commissioner Ricardo Lara announced June 12, that...

Real estate platform launches in California offering homebuyers 2% down payment assistance

CALIFORNIA – Zown, a tech-powered real estate platform announced June 2 its U.S. debut...