Bank of America's Community Affordable Loan Solution aims to make sustained homeownership attainable for more Black and Hispanic families, offering zero down payment, zero closing cost mortgages.
first-time homebuyers in a select group of cities zero down payment, zero closing cost mortgages to help grow homeownership among Black and Hispanic/Latino communities.
Applicants do not have to be Black or Hispanic to qualify for the product, a bank representative said. The racial gap in homeownership rates in the U.S. remained substantial in 2020, the most recent year for which National Association of Realtors data are available.
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