Bank of America just announced it is offering first-time homebuyers in Charlotte, Dallas, Detroit, Los Angeles and Miami zero down payment and zero closing cost mortgages.
The goal is to help eligible individuals and families to obtain an affordable loan to purchase a home, the bank said.
Although the goal is to help the Black and Hispanic communities, you do not have to be Black or Hispanic to qualify.
“Homeownership strengthens our communities and can help individuals and families to build wealth over time,” AJ Barkley, head of neighborhood and community lending for Bank of America, said in a release. “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.”