In an effort to increase homeownership among Black and Hispanic/Latino populations.

 Bank of America announced that it is now providing zero down payment,

and zero closing cost mortgages to first-time homebuyers in a limited number of areas.

Initially, the option will only be accessible in a select number of Charlotte, Dallas, Detroit, Los Angeles, and Miami communities.

No minimum credit score is needed, and there is no requirement for mortgage insurance, a tax that is generally  

added to the purchase price for buyers who put down less than 20%.

According to the bank, the new mortgage, known as the Community Affordable Loan Solution, 

applicants do not need to be Black or Hispanic to be eligible for the product.

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