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The
Community
Affordable
Loan
Solution
is a
Special
Purpose
Credit
Program
that
uses
credit
guidelines
based on
factors
such as
timely
rent,
utility
bill,
phone,
and auto
insurance
payments.
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Bank of
America
introduces
Community
Affordable
Loan
Solution™
to
expand
homeownership
opportunities
in
communities
of color
Zero
down
payment,
zero
closing
cost
mortgage
advances
efforts
to
broaden
access
to
homeownership
and adds
to its
existing
$15
billion
Community
Homeownership
Commitment
CHARLOTTE
– Bank
of
America
today
announced
a new
zero
down
payment,
zero
closing
cost
mortgage
solution
for
first-time
homebuyers,
which
will be
available
in
Black/African
American
and
Hispanic-Latino
communities,
as
defined
by the
U.S.
Census,
in
Charlotte,
Dallas,
Detroit,
Los
Angeles,
and
Miami.
The
Community
Affordable
Loan
Solution™
aims to
help
eligible
individuals
and
families
obtain
an
affordable
loan to
purchase
a home.
The
Community
Affordable
Loan
Solution
is a
Special
Purpose
Credit
Program
that
uses
credit
guidelines
based on
factors
such as
timely
rent,
utility
bill,
phone,
and auto
insurance
payments.
It
requires
no
mortgage
insurance
or
minimum
credit
score.
Individual
eligibility
is based
on
income
and home
location.
Prospective
buyers
must
complete
a
homebuyer
certification
course
provided
by
select
Bank of
America
and
HUD-approved
housing
counseling
partners
prior to
application.
This new
program
is in
addition
to and
complements
Bank of
America’s
existing
$15
billion
Community
Homeownership
Commitment™
to offer
affordable
mortgages,
industry-leading
grants
and
educational
opportunities
to help
60,000
individuals
and
families
purchase
affordable
homes by
2025.
Through
this
commitment,
Bank of
America
has
already
helped
more
than
36,000
people
and
families
become
homeowners,
having
provided
more
than
$9.5
billion
in low
down
payment
loans
and over
$350
million
in
non-repayable
down
payment
and/or
closing
cost
grants.
To date,
two-thirds
of the
loans
and
grants
made
through
the
Community
Homeownership
Commitment
have
helped
multicultural
clients
to
achieve
homeownership.
Bank of
America
also has
a
26-year-long
relationship
with the
non-profit
Neighborhood
Assistance
Corporation
of
America
(NACA),
through
which
the Bank
has
committed
to
providing
up to
$15
billion
in
mortgages
to
homebuyers
through
May
2027,
with a
focus on
low to
moderate-income
borrowers.
According
to the
National
Association
of
Realtors,
today
there is
a nearly
30-percentage-point
gap in
homeownership
between
White
and
Black
Americans;
for
Hispanic
buyers,
the gap
is
nearly
20
percent.
And the
competitive
housing
market
has made
it even
more
difficult
for
potential
homebuyers,
especially
people
of
color,
to buy
homes.
“Homeownership
strengthens
our
communities
and can
help
individuals
and
families
to build
wealth
over
time,”
said AJ
Barkley,
head of
Neighborhood
and
Community
Lending
for Bank
of
America.
“Our
Community
Affordable
Loan
Solution
will
help
make the
dream of
sustained
homeownership
attainable
for more
Black
and
Hispanic
families,
and it
is part
of our
broader
commitment
to the
communities
that we
serve.”
In
addition
to
expanding
access
to
credit
and down
payment
assistance,
Bank of
America
provides
educational
resources
to help
homebuyers
navigate
the
homebuying
process,
including:
•
First-Time
Homebuyer
Online
Edu-Series,™a
five-part,
easy-to-understand
video
roadmap
for
buying
and
financing
a home,
available
in
English
and
Spanish.
•
www.BetterMoneyHabits.com
free
financial
education
content,
including
videos
about
managing
finances
and how
to
prepare
for
buying a
new
home.
•
Bank of
America
Down
Payment
Center
– site
to help
homebuyers
find
state
and
local
down
payment
and
closing
cost
assistance
programs
in their
area.
Bank of
America
participates
in more
than
1,300
state
and
local
down
payment
and
closing
cost
assistance
programs.
•
Bank of
America
Real
Estate
Center
– site
to help
homebuyers
find
properties
that may
qualify
for Bank
of
America
grant
programs
and
Community
Affordable
Loan
Solution™.
For more
information,
contact
Bank of
America
at
1-800-641-8362.
In
related
news,
Bank of
America
today
announced
the
launch
of a
Small
Business
Down
Payment
Program
to drive
business
growth
and help
create
generational
wealth
opportunities
for
minority
and
women
business
owners.
This
special
purpose
credit
program
will
extend
credit
to
historically
disadvantaged
small
business
borrowers
and
enable
them to
purchase
commercial
real
estate
through
grants.
The
program
will
launch
in
select
markets
--
Atlanta,
Chicago,
Charlotte,
Dallas
and Los
Angeles
-- with
plans to
expand
in 2023.
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