Bank of America No Down Payment Mortgage
Bank of America is going to remove the unfairness between Black and white ownership of their home.
BoA is launching a program of no-down payment mortgages which is aimed to help first-time buyers in Black and Hispanic neighborhoods.
The eligibility will be determined by the income, home location, and payment history for bills such as rent, phone, utilities, and auto insurance.
The program will be applied in Charlotte, Dallas, Detroit, Los Angeles, and Miami, along with the neighborhood of Black or Latino residents.
"Homeownership strengthens our communities and can help individuals and families to build wealth over time," AJ Barkley said.
Black or Hispanic neighborhoods were struggling in the housing market because of discrimination and were rejected for mortgage loans.
No-down payment or minimum credit score will also help low-income white borrowers along with Black and Latino.
"It will help many Black and Latino borrowers and I think it will also help many lower-income white borrowers," CEO
Jesse Van Tol
"It's not that we just get folks into the home, but that we're also able to help them have the savings," Samira Payne told NPR.