Bank of America has chosen Dallas and four other cities to pilot a new nationwide program aimed to help first-time homebuyers in Black and Latino communities.
The Community Affordable Loan Solution will offer home loans with no down payment or closing costs. The program’s credit guidelines are based on factors such as timely rent, utility, phone and auto insurance payments, and it does not require mortgage insurance or a minimum credit score.
It will be available in African-American/Black and Hispanic/Latino communities, as defined by the U.S. Census, in Dallas, Charlotte, N.C., Detroit, Los Angeles and Miami.
“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, in a statement. “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.”
Eligibility is based on income and home location. Prospective buyers are required to complete a homebuyer certification course provided by Bank of America and HUD-approved housing counseling partners before applying.
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