Investment and financial services institution, Bank of America, announced a new mortgage program. Black/African and Hispanic/Latino communities who qualify will have the chance at homeownership in specific markets.
The Community Affordable Loan Solution uses credit to determine eligibility with rent payments, utility, phone, and car payments. The new program is a zero down payment and closing cost solution for affordable homeownership. The markets that will have access to the program are Charlotte, Detroit, Dallas, Los Angeles, and Miami. Prior to approval, prospective buyers will need to complete a homeowner certification course provided by Bank of America.
According to Cision, AJ Barkley, head of neighborhood and community lending for Bank of America, expressed his thoughts on the new community mortgage program. “Homeownership strengthens our communities and can help individuals and families to build wealth over time. 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 the Community Affordable Loan Solution, Bank of America now offers small business assistance. Their Small Business Down Payment Program was launched to help create wealth opportunities and assistance for minority and women-owned businesses. This credit program allows business owners to buy commercial real estate through grants in Atlanta, Chicago, Charlotte, Los Angeles, and Dallas.
