BOA Introduces No Down Payment, Closing Cost Mortgage Solution For First-Timers

Bank of America is introducing a zero down payment, zero closing cost mortgage solution for first-time buyers geared towards underserved communities. The Community Affordable Loan Solution will roll out in designated markets, including certain Black and Hispanic/Latino neighborhoods in Charlotte, Dallas, Detroit, LA, and Miami. It is a Special Purpose Credit Program that operates off of factors like timely rent, utility bill, phone, and car payments. It does not require mortgage insurance and a minimum credit score. Eligibility is based on income and home location. Prospective buyers have to complete a homebuyer certification course from approved counseling partners prior to application. The program is in addition to BoA’s existing Community Homeownership Commitment program, which aims to help 60,000 individuals and…

Hispanic Homeownership Rate Continues Rising Despite Setbacks

New data from the Census Bureau confirms that Hispanic households continue to make significant gains despite the challenges they face in the hot housing market. The National Association of Hispanic Real Estate Professionals (NAHREP) released a statement celebrating the finding of the U.S. Census Bureau’s Current Population Survey/Housing Vacancy Survey. The survey found that Hispanic homeownership rates rose to 48.4% in 2021, up by 657,000 households since 2019. Of the total, a net 1,025,000 were new households, which account for 27% of household formation growth in the last two years. Additionally, Hispanics added 1,025,000 net new households, accounting for 27% of household formation growth over the last two years. However, potential Hispanic homeowners face many challenges. Latino homeowners trailed the…