Bank of America is causing a bit of a stir with the launch of a new program that provides loans to "lower-income," first-time homebuyers in select cities and, in particular, black and Latino neighborhoods within those markets.
The company launched its Community Affordable Loan Solution program earlier this week. It will offer mortgages that require neither down payments, closing costs, nor minimum credit scores. The lender, per Bloomberg, would also provide down payment grants of up to $15,000. These loans will go to homebuyers in the Dallas; Los Angeles; Charlotte, North Carolina; Detroit; and Miami metro areas.
