Black and Hispanic homebuyers can get a mortgage from Bank of America without a down payment or closing costs under a new program the company is offering in five U.S. cities that aims to address the racial homeownership gap.this week, is geared toward first-time homebuyers of color in Charlotte, Dallas, Detroit, Los Angeles and Miami. Bank of America said applicants under this program will not have their credit score taken into account when applying for a home loan.
"If you have a program with no down payment and no closing costs, it can help minority families to fill the gap between available savings and upfront cash needed," said Zhu, an expert on mortgage financing and housing affordability. To qualify for the bank's Community Affordable Loan Solution program, applicants must be Black or Hispanic, seek to buy a home in one of the five cities and complete a U.S. Department of Housing and Urban Development-certified homebuyer course. Applicants won't need mortgage insurance after they've acquired the loan.
Rates of homeownership vary dramatically across racial and ethnic groups, thanks to differences in wealth and the legacy of historic discrimination. About 7 in 10 White households own homes, while only 4 in 10 Black households and 5 in 10 Hispanic households do,
Source: Loan Digest (loandigest.net)
We must have banks where Caucasian Native Americans don't have to pay for the mortgages of Spanish & African Colonizers of the Americas!
Racist af
Lol BankofAmerica account holders.
They gotta lure them in while housing prices are still high & interest rates are increasing, before the bubble bursts. Struggling people will fall into the trap & end up under water. This is unethical & discriminatory. They're preying on naive, low-income citizens.
Because that sort of lending worked out so well for us in 2008.
Predatory?
Full of Shit Read the fine print These R the very Thieves 2007 Crash Owned 25 % of Real estate after sell Governator Schreznegge Signed U could not Hire Attorney a Foreclosure Court of Law gave Banks License to Steal &Bank of America Owned 65% Of Real Estate Owned Straight Crooks
That's racist!
Seems very racist
And they will be looking for a Bail Out in the Future. Plus This is RACISM
Didn't you guys used to be a news operation? There was a thing last night critical to the survival of democracy you could have covered.
I hope they vote
Sue the fuck out BankofAmerica
But white people gets nothin, cause equality
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