Millions of first-time buyers can purchase a home with no money down in an effort to increase homeownership.
The goal of the Bank of America program is to assist qualified individuals and families in getting a reasonable loan to buy their first house.
In designated housing markets, such as specific areas of Charlotte, Dallas, Detroit, Los Angeles, and Miami, relief is available.
A program called the Community Affordable Loan Solution bases its credit guidelines on details like timely rent, utility, phone, and auto insurance payments.
Individual eligibility is based on income and place of residence, with no minimum credit score or mortgage insurance required under the program.
The $15 billion Community Homeownership Commitment TM from Bank of America is now supplemented by this new relief.
In an effort to encourage potential home purchases by 2025, that program provides 60,000 individuals and families with affordable mortgages, grants, and education.
Bank of America has reportedly already given out over $9.5 billion in down payment loans and over $350 million in grants for non-repayable down payments and closing costs.
The close to 36,000 people who have benefited from these programs.