Bank of America will be launching a mortgage option for first time home buyers, offering no down payments
According to Bank of America no closing costs and no minimum credit score will be required.
It means this offer does not require mortgage insurance, I.E 20% 20% of a home’s purchase price or minimum credit score (300+)
Eligibility is also based on income and home location
buyer must complete a homebuyer course from Bank of America
Properties must be located in census tracts where more than 50% African American and/or Hispanic Latino.
According to the bank people do not need to be Black or Latino for this offer.
It may fill the gap of homeownership rates between Black and white families in the U.S which has been larger in recent years