How to Apply Bank of America Zero Down Payment Mortgages for Black and Hispanic

Check steps to Apply Bank of America Zero Down Payment Mortgages for Black and Hispanic – Bank of America has launched Zero down payment, zero closing cost mortgage advances under the program called the Community Affordable Loan Solution, which will be available to certain markets including majority Black and/or Hispanic/Latino neighborhoods, in Charlotte, North Carolina; Dallas; Detroit; Los Angeles; and Miami. This is an efforts to broaden access to homeownership and adds to its existing $15 billion Community Homeownership Commitment.

Who are Eligible for Loan under Community Affordable Loan Solution

1. Applicants do not have to be Black or Hispanic/Latino to qualify for the loans.
2. The loans are subject to rigorous underwriting
3. Loans are based on credit guidelines including on-time bill payments including rent, utilities, phone and auto insurance payments.
4. Eligibility is based on income and home location.
5. No minimum credit score or mortgage insurance is required.
6. There is no minimum or maximum loan size for the program
7. Properties involved in the program must be located in census tracts that are more than 50% African American and/or Hispanic Latino. 

How To Apply for Community Affordable Loan Solution ?

1. Applicants do not have to be Black or Hispanic/Latino to qualify for the loans.
2. Before applying, applicants must complete a homebuyer certification course provided by housing counseling partners approved by Bank of America and the Department of Housing and Urban Development, HUD approved.

Also Get – List of Banks with Overdraft Fees

Apply Bank of America Zero Down Payment Mortgages Contact Details :

For more information, contact Bank of America at 1-800-641-8362