Bank of America announced a new zero down payment, zero closing cost mortgage solution for first-time homebuyers, which will be available in designated markets, including certain African American neighborhoods.
, the Community Affordable Loan Solution aims to help eligible individuals and families obtain an affordable loan to purchase a home.which uses credit guidelines based on factors such as timely rent, utility bill, phone and auto insurance payments,” officials stated in the release.
Prospective buyers must complete a homebuyer certification course provided by select Bank of America and HUD-approved housing counseling partners prior to application. Through this commitment, Bank of America has already helped more than 36,000 people and families become homeowners, having provided more than $9.5 billion in low down payment loans and over $350 million in non-repayable down payment and/or closing cost grants.
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