Bank of America has chosen five cities to pilot a new nationwide program aimed to help first-time homebuyers in Black and Latino communities.
The Community Affordable Loan Solution will offer home loans with no down payment or closing costs. The program’s credit guidelines are based on factors such as timely rent, utility, phone and auto insurance payments, and it does not require mortgage insurance or a minimum credit score.
It will be available in African-American/Black and Hispanic/Latino communities, as defined by the U.S. Census, in Dallas, Charlotte, N.C., Detroit, Los Angeles and Miami.
