New Mortgage with ZERO Down, NO Closing Costs, and NO Minimum Credit Score!?

A new home loan program through Bank of America is allowing borrowers to purchase homes in select cities for as little as 0% down, with no closing costs, and no minimum credit score requirements.

This offer sounds too good to be true, so in today’s episode, we’re digging into this mortgage product to see whether it’s a good Debt Weapon for those who qualify or a potentially risky one given the market conditions now and moving forward.

So you heard that right, Bank of America is offering a mortgage product that has no minimum credit score requirement, no mortgage insurance, and as little as 0% down…

Per Bank of America, this new loan will make homeownership more affordable for borrowers living in minority communities.

This new mortgage product is for first-time homebuyers only and is being offered in an effort to address the racial homeownership gap.

Today, according to the National Association of Realtors, there is a homeownership gap between white and black Americans that is almost 30 percentage points, while the gap between white and Hispanic buyers is almost 20 percentage points.

The competitive real estate market and high mortgage rates certainly aren’t helping things either.

The Community Affordable Loan Solution is set to begin in markets where Black and Latino neighborhoods are overwhelmingly concentrated, including Charlotte, Dallas, Detroit, Los Angeles, and Miami, and could later expand to additional cities.

While the program's focus is on getting Black and Latino borrowers closer to homeownership, people of all races may be eligible, with eligibility being based on income and property location.

The program does not have a minimum credit score requirement but is instead considering other factors to qualify like prompt payment of rent, utilities, telephone, and car insurance.

Prospective buyers are required to take the Homebuyer Certification Course provided by select Housing Counseling partners from Bank of America and HUD before applying.

Learn more about this mortgage option here:
► https://newsroom.bankofamerica.com/content/newsroom/press-releases/2022/08/bank-of-america-introduces-community-affordable-loan-solution--t.html

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Видео New Mortgage with ZERO Down, NO Closing Costs, and NO Minimum Credit Score!? канала VIP Financial Education