A pedestrian walks past Bank of America ATMs in San Francisco on Jan. 23, 2020.Alex Tai / LightRocket via Getty Images file
Bank of America said it is now offering first-time homebuyers in a select group of cities zero down payment, zero closing cost mortgages to help grow homeownership among Black and Hispanic/Latino communities.
The option will first become available in certain neighborhoods in Charlotte, Dallas, Detroit, Los Angeles and Miami. The new mortgage, called the Community Affordable Loan Solution, aims to help eligible individuals and families obtain an affordable loan to purchase a home, the bank said.
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“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.”
The loans require no mortgage insurance — the additional fee typically charged to buyers who put down less than 20% of the purchase price — and no minimum credit score. Instead, eligibility will be based on factors like timely rent payments and on-time utility bill, phone and auto insurance payments. Prospective buyers must also complete a homebuyer certification course provided by Bank of America and federally approved housing counseling partners before they apply for the loan program, the bank said.
The racial gap in homeownership rates in the U.S. remained substantial in 2020, the most recent year for which National Association of Realtors data are available.
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For white households, the homeownership rate was 72.1%. That compares with 51.1% for Hispanic households and 43.4% for Black households. The Black homeownership rate was lower in 2020 than it was in 2010, the NAR said.
During the pandemic, rising home prices and low housing supply have disproportionally impacted Black households more than any other race/ethnic group, the NAR said in a report. White households are now 40% more likely to be able to afford to buy a home compared with Black households, the association said.
Bank of America and other major financial institutions like Wells Fargo have checkered histories when it comes to mortgage lending to people of color and prospective buyers who have disabilities.
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Bank of America's Countrywide Financial, a subprime lender it purchased in 2008, was fined $335 million in 2011 over claims that it charged Black and Hispanic homebuyers higher interest rates than white applicants.
In 2012, Wells Fargo agreed to pay $175 million to settle claims that it targeted people of color with risky home loans that were more expensive. And the city of Miami sued JPMorgan Chase in 2014, accusing the bank of predatory lending in communities of color.Use Bank of America Online Banking to make your regular monthly mortgage payment, make a payment directly to your principal or make a payment to your escrow account. You can also request a payoff statement.
If you have deposit accounts with us, you can easily move money from them to apply to your mortgage payment. Just log in to Online Banking or use the mobile app.
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Log in to Online Banking to make changes to your current PayPlan with Bank of America. No visits to a financial center, no calls and no hassle.
With the Home Loan Navigator, you know where your loan stands every step of the way. You can keep up-to-date on the status of your application, easily view any action items needed for each step of the process, securely sign important documents electronically and easily upload documents to your lending specialist.
Getting prequalified for your mortgage is an important step before you shop for a home. It tells you how much home you can buy and makes applying for your mortgage easier. A mortgage prequalification can also give you additional leverage with a seller in negotiating the best possible terms of the sale.
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You can get a response in less than 10 minutes when you prequalify for a mortgage online with Bank of America. There are just a few easy steps involved in the prequalification process.
Log in to Online Banking and select the Bill Pay or Transfer|Send tab and schedule automatic recurring payments or make a one-time payment.
You can also pay your mortgage account online using MortgagePay on the Web by signing in to Online Banking and selecting Mortgage from the Accounts Overview page, then selecting Pay Now and following the instructions provided.
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In addition to the electronic payment options noted here, we offer additional no-cost and low-cost options for making your mortgage payment. To learn more please call 800.669.6607 (Mon–Fri 8 a.m.-9 p.m. ET).
If you're struggling to make your monthly home loan payments, assistance may be available to you. A variety of programs are available, and which one may best apply to your situation depends in part on whether you want to stay in your home or would consider leaving your home.
Our site also provides additional support for struggling homeowners in the form of information about homeowner counseling, government-hosted events and ways to avoid scams.
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If you were denied home loan assistance, such as a request for a loan modification, short sale or deed in lieu, you may be able to dispute the decision.
For complete details about disputing a home loan assistance denial, please visit our home loans frequently asked questions page and select My request for home loan assistance was denied. Can I dispute that decision? from the Home loans assistance programs section.
A home equity line of credit, also known as a HELOC, is a line of credit secured by your home that gives you a revolving credit line to use for large expenses or to consolidate higher-interest rate debt on other loans such as credit cards.
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To qualify for a home equity line of credit, you need to have available equity in your home, meaning that the amount you owe on your home must be less than the value of your home. You can typically borrow up to 85% of the value of your home minus the amount you owe. Also, a lender generally looks at your credit score and history, employment history, monthly income and monthly debts, just as when you first got your mortgage.
Yes. Foreclosures, also known as real estate owned (REO) or bank-owned properties, have the potential to provide the right buyers an affordable option for owning a home.
Bank of America has a variety of tools, resources and mortgage products that can help make the process of buying a bank foreclosure an easy one.
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