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

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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


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