Bank of America just launched a program to boost homeownership in Black and Hispanic neighborhoods. Bank of America is offering mortgages for first-time homeowners that do not require down payments, minimum credit scores or closing costs. The program just launched on Tuesday.
Miami is listed as one of the cities included in the trial program. Charlotte, NC., Dallas, TX, Detroit, MI, Los Angeles, CA Black and Hispanic residents will be able to receive loans should they qualify under program guidelines.
“Homeownership strengthens our communities and can help individuals and families to build wealth over time,” AJ Barkley, head of neighborhood and community lending for Bank of America, said in a statement introducing the program. “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.” as reported by the New York Times.
The program is to help bridge the gap in homeownership across all communities. Owning a home is the first step towards building wealth for many families. Bank of America good looking out.
A check in on Bank of America's program offering mortgages for first-time homeowners will be provided.