Bank of America Announces Zero Down Payment Mortgage

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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