To date, two-thirds of the loans and grants made through the Community Homeownership Commitment has helped multicultural clients to achieve homeownership.īank of America also has a 26-year-long relationship with non-profit Neighborhood Assistance Corporation of America (NACA), through which the Bank has committed to providing up to $15 billion in mortgages to homebuyers through May 2027, with a focus on low to moderate income borrowers.Īccording to the National Association of Realtors, today there is a nearly 30-percentage-point gap in homeownership between White and Black Americans for Hispanic buyers, the gap is nearly 20 percent. Through this commitment, Bank of America has already helped more than 36,000 people and families become homeowners, having provided more than $9.5 billion in low down payment loans and over $350 million in non-repayable down payment and/or closing cost grants. This new program is in addition to and complements Bank of America’s existing $15 billion Community Homeownership Commitment™ to offer affordable mortgages, industry leading grants and educational opportunities to help 60,000 individuals and families purchase affordable homes by 2025. Prospective buyers must complete a homebuyer certification course provided by select Bank of America and HUD-approved housing counseling partners prior to application. Anyone from any race or ethnicity is welcome to apply. Individual eligibility is based on income and home location. It requires no mortgage insurance or minimum credit score. The Community Affordable Loan Solution is a Special Purpose Credit Program which uses credit guidelines based on factors such as timely rent, utility bill, phone and auto insurance payments. The Community Affordable Loan Solution™ aims to help eligible individuals and families obtain an affordable loan to purchase a home.

census, in Charlotte, Dallas, Detroit, Los Angeles and Miami. The Community Affordable Loan Solution is available for properties in Black/African American and Hispanic-Latino communities, as defined by the U.S. Because a right has been exercised under the Consumer Credit Protection Act.CHARLOTTE, NC – Bank of America today announced a new mortgage solution for first-time homebuyers that offers a bank-provided down payment and no closing costs.Because income is from public assistance or.On the basis of race, color, national origin, religion, sex, marital status, or age.Houston, TX 77010-9050 UNDER THE EQUAL CREDIT OPPORTUNITY ACT, IT IS ILLEGAL TO DISCRIMINATE IN ANY CREDIT TRANSACTION:

Office of the Comptroller of the Currency IF YOU BELIEVE YOU HAVE BEEN DISCRIMINATED AGAINST, YOU SHOULD SEND A COMPLAINT TO:Īssistant Secretary for Fair Housing and Equal Opportunityĭepartment of Housing and Urban Developmentįor processing under the Federal Fair Housing Act AND TO We do Business in Accordance with Federal Fair Lending Laws UNDER THE FEDERAL FAIR HOUSING ACT, IT IS ILLEGAL, ON THE BASIS OF RACE, COLOR, NATIONAL ORIGIN, RELIGION, SEX, HANDICAP, OR FAMILIAL STATUS (HAVING CHILDREN UNDER THE AGE OF 18), TO:ĭeny a loan for the purpose of purchasing, constructing, improving, repairing, or maintaining a dwelling, or to deny any loan secured by a dwelling orĭiscriminate in fixing the amount, interest rate, duration, application procedures, or other terms or conditions of such a loan, or in appraising property.

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