Reassurance To Minorities: A Zero Down Payment Mortgage Announced By Bank Of America 

The Fellowship of Penny Calling Penny
September 2, 2022
Reassurance To Minorities A Zero Down Payment Mortgage Announced By Bank Of America

Disclaimer: Penny Calling Penny is an affiliate website. This means that we get a small commission when you click some of the links in this article. Don’t worry – we’ll never recommend anything we wouldn’t use ourselves.

The Bank of America is introducing new zero-down-payment mortgage and no-closing-cost mortgage products to assist people of color in purchasing their first homes. The loans are subject to stringent financing and are based on credit criteria such as direct debits for utilities, insurance, and rent. There is no need for a minimum credit score or mortgage insurance. Eligibility will be determined by the location of the home and revenue.

The initiative of a zero down payment mortgage, which was announced this week, is aimed at first-time homeowners of color in Charlotte, Detroit, Miami, Los Angeles, and Dallas. The zero-down-payment mortgage program was launched to help individuals of color own a house and begin saving and investing

To be eligible for the bank’s Community Affordable Loan Solution program of zero down payment mortgage, applicants must be black or Hispanic, intent on purchasing a home within one of the major cities mentioned above, and also have completed a homebuyer course authorised by the US Department of Housing and Urban Development. Once they have acquired the loan, applicants need not obtain mortgage insurance.

More from Penny Calling Penny

Home Insurance Guide – A Complete Overview

Best Home Refinance Rates for 2022

Know How to Shop for a Mortgage That Fits Your Needs and Budget?

Because of wealth disparities and the legacy of historical discrimination, rates of property ownership differ considerably across racial and ethnic backgrounds. According to the National Association of Realtors, approximately 7 in 10 White families own a home, while only 4 in 10 Black households and 5 in 10 Hispanic family units do. Furthermore, Black and Hispanic mortgage applicants were 7% more likely to be denied than white or Asian aspirants, at 4% and 3%, respectively, in accordance with the Realtor’s National Association.

About

Your Financial Success Starts Here

pcp-sb-2

Actionable Tips and Freebies Delivered Straight to Your Inbox! Subscribe Now!

You May Also Like

Subscribe
Notify of
0 Comments
Inline Feedbacks
View all comments
search-leftline

SEARCH

search-leftline