Bank of America announces zero down payment, zero closing cost mortgages for Black and Hispanic first-time homebuyers
Residents in select Charlotte, Dallas, Detroit, Los Angeles and Miami neighborhoods will be the first to be offered the program.
“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 release. “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.”
The loans require no mortgage insurance — the additional fee typically charged to buyers who put down less than 20% of the purchase price — and no minimum credit score. Instead, eligibility will be based on factors like timely rent payments and on-time utility bill, phone and auto insurance payments
We are truly living in idiocracy. This is not discrimination against Whites and Asians HOW??
Whites and Asians need not apply.
Bank of America on Wednesday announced a new mortgage home loan program for first-time homebuyers.
But only blacks and Hispanics will be eligible.
Blacks and Hispanics will be able to apply for a zero down payment, zero closing cost mortgage with Bank of America’s new lending program in select cities.
2008 called, they’d like their mortgages back 📞 pic.twitter.com/LkSiYgFlMZ
— Wall Street Silver (@WallStreetSilv) September 1, 2022