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The initiative will later expand across the banking giant's footprint in 2023. Its important to eliminate the housing wealth gap since homeownership is typically the top asset through which wealth can be derived, according to the Brookings Institute. Bank of America to offer zero-down payment mortgages in certain Black Bank of America has announced a new effort aimed at bolstering homeownership opportunities in Black and Latino communities, with plans to offer zero down payment and zero closing cost mortgage . A recent report from LendingTree The announcement follows years of data documenting glaring disparities in the housing market. Carol Massar and Tim Stenovec host a look back at the best interviews, discussions and more. Among the recommendations were down payment assistance, lower mortgage insurance premiums and a credit . TREE Rashawn Ray, a senior fellow at the Brookings Institution, said Bank of America was taking a big step in the right direction. Before joining The Times, she covered British politics for the The Wall Street Journal. The news: This week, Bank of America announced a new mortgage lending program, the Community Affordable Loan Solution, aimed at making home ownership more attainable for Black and Hispanic families. Bank of America is offering mortgages for first-time homeowners that do not require down payments, minimum credit scores or closing costs in a program that aims to boost homeownership rates among first-time Black and Latino buyers. Susan Atran, Bank of AmericaPhone: 646.743.0791susan.atran@bofa.com. Bank of America is launching a trial program offering mortgages for first-time homeowners that do not require down payments, closing costs or minimum credit scores, the bank announced this. Here's how. Eligibility for the loan is based primarily on income and home location.. 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Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America said the new mortgage, known as the Community Affordable Loan Solution, is available in certain census-designated markets including Black and Hispanic neighborhoods in Charlotte . Speak to a member of our team to learn more about Insider Intelligence. Bank of America Corp. is drawing a mixed reaction in social media to a zero-down-payment mortgage program aimed at bringing first-time home ownership within closer reach of more African. Content contained herein may have been produced by an outside party that is not affiliated with Bank of America or any of its affiliates (Bank of America). This article originally appeared in Insider Intelligences Banking Innovation Briefinga daily recap of top stories reshaping the banking industry. BAC CNN Bank of America is offering zero down payment mortgages with no closing costs for first-time homebuyers in certain Black and Hispanic neighborhoods in a new program designed to chip. Take a look into our corporate culture and view our open roles. Member FDIC.Equal Housing Lender It May Astound You, 5 Automatic Student Loan Forgiveness Initiatives That Are Not Before The Supreme Court. FHA and VA Loans from Bank of America Bank of America Introduces Community Affordable Loan Solution to Expand Homeownership Opportunities in Black/African American and Hispanic-Latino Communities, Bank-provided down payment, no closing-cost mortgage advances efforts to broaden access to homeownership and adds to its existing $15 billion Community Homeownership Commitment, Bank of America today announced a new mortgage solution for first-time homebuyers,that offers a bank-provided down payment and no closing costs. Bank of America Is Launching a $0 Down Payment Mortgage Program August 30, 2022 at 9:00 AM Eastern Leer en espaol Bank of America today announced a new mortgage solution for first-time homebuyers, that offers a bank-provided down payment and no closing costs. You Can Now Buy a Home With Just 1% Downbut Should You? - realtor.com Bank of America does not assume liability for any loss or damage resulting from anyone's reliance on the information provided. Two-thirds of the program's loans and grants made through the program have helped multicultural clients become homeowners, according to the firm. Get this delivered to your inbox, and more info about our products and services. Subscribe to have more hard-hitting takeaways delivered to your inbox daily. Mortgage and Refinance. Bank of America said it is -and-hispanic-latino-communities-301614686.html">now offering</a>first-time homebuyers in a select group of cities zero down payment, zero closing cost . Fox Newss Turley: Trump could face terminal sentence if DOJ proves Senate GOP leaders break with House on Trump indictment. Global Business and Financial News, Stock Quotes, and Market Data and Analysis. The new program is geared toward first-time homebuyers, including in designated neighborhoods in Charlotte, Dallas, Detroit, Los Angeles and Miami. Bank of America Tests No-Down-Payment Mortgages in Black and Hispanic Interactive projections with 10k+ metrics on market trends, & consumer behavior. Cadence Bank in Tupelo, Mississippi, has received the highest possible rating on its latest Community Reinvestment Act evaluation a notable stamp of approval by its regulators after alleged lending discrimination by a bank that it acquired in 2021. 2023 Bank of America Corporation. Claims that UFO information was inappropriately withheld from Congress deemed Parts of Reddit going dark in protest of developer fees, Eric Holder: Trump conviction could lead to impeachment, removal from office, Barr: Presenting Trump as victim after indictment is ridiculous, Watch live: White House monkeypox response team holds briefing, Do Not Sell or Share My Personal Information. Opinions or ideas expressed are not necessarily those of Bank of America nor do they reflect their views or endorsement. Editor's note: The initial version of this story wrongly stated that only Black and Hispanic borrowers are eligible for a mortgage under Bank of America's Community Affordable Loan Solution program. Exclusive time with the thought leaders who craft our research. Banks that fail to show theyre doing so risk losing out on talent. Morsa Images | Digitalvision | Getty Images, Total mortgage demand drops 1.2%, hovering at 22-year low, Mortgage denial rate for Blacks is twice that of overall population: report, These bank fees could take a bite out of your budget, New guaranteed income experiments are taking place across the country. The program will launch in select markets -- Atlanta, Chicago, Charlotte, Dallas and Los Angeles -- with plans to expand in 2023. Individual eligibility is based on income and home location, the press release reads. It allows us to revitalize minority communities, she said in an interview, noting that anyone looking to buy a home in one of the designated neighborhoods could apply for a loan under the program. The loans are subject to rigorous underwriting and are based on credit guidelines including on-time bill payments including rent, utilities, phone and auto insurance payments. In January, Los Angeles-headquartered City National Bank agreed to pay $31 million to settle a case that alleged it avoided providing mortgage services to majority Black and Hispanic neighborhoods . Certain links may direct you away from Bank of America to an unaffiliated site. Securities, strategic advisory, and other investment banking activities are performed globally by investment banking affiliates of Bank of America Corporation ("Investment Banking Affiliates"), including, in the United States, BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated, and Merrill Lynch Professional Clearing Corp., all of which are registered broker-dealers and Members ofSIPC, and, in other jurisdictions, by locally registered entities. Bank of America offers zero-down mortgage in minority communities - MSN All of this is the result of federal and state policies that continually prevent access to financial resources that would help, leaving fewer economic opportunities for Black/Latinx households to fall back on when a crisis hits. Specifically, Wells Fargo African Americans are being shut out of generational wealth building as they tackle rising rent costs and home prices, disproportionate student loan debt, coronavirus economic inequities, and on average, getting married later in life, causing them to delay homeownership and wealth building capabilities. These materials are for informational purposes only. Best Debt Consolidation Loans for Bad Credit, Personal Loans for 580 Credit Score or Lower, Personal Loans for 670 Credit Score or Lower. Investing in securities involves risks, and there is always the potential of losing money when you invest in securities. Its important, he added, that more financial institutions take steps like the one Bank of America has announced to correct the inequalities of the past and to be part of the solution. / MoneyWatch. President and CEO of the National Community Reinvestment Coalition Jesse Van Tol told NPR that the program would help Black, Hispanic and, potentially, lower-income white borrowers. Theyll be closely scrutinized and analyzed by justifiably wary minority groups keen to determine whether the products and services theyre being offered are truly beneficial or predatory. Bank of Americas New Bank of America Mortgage: No Down Payment, Credit-Score - Insider 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. Prospective buyers must also complete a homebuyer certification course provided by Bank of America and federally approved housing counseling partners before applying for the program. A Bank of America logo is seen in New York City, New York, U.S. January 10, 2017. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. Houses in the Harris Ranch community of Boise, Idaho, US, on Friday, July 1, 2022. Rates of homeownership vary dramatically across racial and ethnic groups, thanks to differences in wealth and the legacy of historic discrimination. 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. IE 11 is not supported. The program requires zero down payment and zero closing costs for first-time homebuyers in Charlotte, Dallas, Detroit, Los Angeles, and Miami. Industry benchmarks for the most important KPIs in digital marketing, advertising, retail and ecommerce. HOMEBUILDERS SEE 'HOUSING RECESSION' AS SENTIMENT PLUNGES TO FRESH 2-YEAR LOW. CultureBanx reported that Black and Hispanic households are not reaping the real estate gains felt by other demographics, due to home prices appreciating so much that families of Color are being out-priced out of their very own neighborhoods. More from Personal Finance:Mortgage denial rate for Blacks is twice that of overall population: reportThese bank fees could take a bite out of your budgetNew guaranteed income experiments are taking place across the country. Bank of America tests no-down-payment mortgages for Black, Latino "We have data that backs that up. For more Bank of America news, including dividend announcements and other important information,registerfor email news alerts. No minimum credit score or mortgage insurance is required. Bank of America has also made a separate $15 billion commitment to provide mortgages to low- to moderate-income homebuyers through the Neighborhood Assistance Corporation of America through May 2027. Datafrom the Urban Institute also shows troubling racial differences in mortgage denial rates, with Black and Latino households bearing the brunt of the burden. Black and Hispanic homeowners face a number of additional obstacles when buying homes compared with white homeowners. In fact, the program is eligible to all borrowers based on their income and home location. Media reports about the program have stated race is not a factor. Who will decide US v. Trump jurors or voters? 1998 - 2023 Nexstar Media Inc. | All Rights Reserved. Eligibility will instead be based on factors like timely rent, utility bill, phone and auto insurance payments. articles a month for anyone to read, even non-subscribers! Unfortunately, houses in Black communities are worth less than 50% of homes in white communities, further perpetuating the inequality that prevents People of Color from building stable economic security. Customers dont have to be Black or Hispanic to apply for the program. Bank of America to help minorities buy first homes with new mortgages The Facebook post claims that "Whites and Asians need not apply" to the Bank of America program and that it would only be available to "Blacks and Hispanics.". Welcome to Mortgage Servicing's Client Access area. - Bank of America Earlier this year, the Federal Housing Finance Agency, which regulates Fannie Mae and Freddie Mac, unveiled a sweeping plan to address discrimination in access to homeownership. However, there are certain risks and downsides that come along with zero-down-payment mortgages. A recent report from LendingTree found the mortgage denial rate for Black borrowers is twice that of the overall population. Powered and implemented byFactSet Digital Solutions. If Black homeownership matched white homeownership, Black wealth would increase by almost $40,000, bridging racial wealth inequality by about 30%. Statistics and metrics included in our ESG documents are estimates and may be based on assumptions or developing standards. Maximum loan amounts vary by county. Market data provided by ICE Data Services. "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," AJ Barkley, Bank of America's head of neighborhood and community lending, said in a statement. It was also critical that Bank of America was not requiring down payments, which can be a major barrier for Black buyers, who are less likely to have help from their families or other means, such as proceeds from the sale of another property. Bank of America also announced the launch of a new small-business down payment program aimed at helping minority and women business owners obtain credit and purchase commercial real estate through grants. Portrait of a young couple holding a chalkboard with "our first home" written on it. The banks decision to not require a minimum credit score was also key, Dr. Ray said, since Black people have been excluded from some credit-building opportunities. Bank of America also has a 26-year relationship with the Neighborhood Assistance Corporation of America (NACA), through which the Bank has committed to providing an additional $15 billion in mortgages to low-to-moderate income homebuyers through May 2027. Insider Intelligence delivers leading-edge research to clients in a variety of forms, including full-length reports and data visualizations to equip you with actionable takeaways for better business decisions. Black and Latinx homeowners are finally getting a lift from one of the nations largest banks in the newly revived real estate market. Eligibility is based on income and home location. To qualify for the Bank of America program, applicants must seek to buy a home in one of the five cities and complete a U.S. Department of Housing and Urban Development-certified homebuyer course. Elder Financial Abuse Is On The Rise: How To Avoid Becoming A Victim, CultureVations Launches Black Wall Streets Next Homecoming Frontier, 5 Ways To Save Big With New Home Energy Tax Credits: Cool Savings On Your Income Tax Bill, Why Some Medical Debt Should Not Be In Your Credit Report: How You Can Fix Errors, Wells Fargos 47% and 53% approval rate gave it the worst record, less than 50% of homes in white communities. In-depth analysis, benchmarks and shorter spotlights on digital trends. "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.". Houses in the Harris Ranch community of Boise, Idaho, US, on Friday, July 1, 2022. Bank of America Launches Zero-Down Mortgages for Black, Latino When we have the same income, the same amount of money to put down and similar credit scores, were less likely to not only receive a loan, but also less likely to receive a better interest rate, he said. Bank of America is launching a mortgage with no down payment or closing costs that aims to promote homeownership in minority communities in five U.S. cities. 11 Times SquareNew York, NY 100361-800-405-0844, 1-800-405-0844ii-sales@insiderintelligence.com, Our research focuses on the five core coverage areas below. Signage is displayed outside a Bank of America Corp. branch in Alameda, California. That program is launching in Atlanta, Chicago, Charlotte, Dallas and Los Angeles. According to a 2018 study from financial services company Legal & General, they found 43% of people under 35 received help from parents or family members when purchasing a home, this is not always an option for future Black and Hispanic homeowners. (Reuters/Stephanie Keith/File Photo / Reuters Photos). Sign up for free newsletters and get more CNBC delivered to your inbox. The Community Affordable Loan Solution aims to help eligible individuals and families obtain an affordable loan to purchase a home. The fee is higher with a zero down payment, and maximum loan limits vary by county. 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. Merrill Lynch, Pierce, Fenner & Smith Incorporated (also referred to as MLPF&S or Merrill) makes available certain investment products sponsored, managed, distributed or provided by companies that are affiliates of Bank of America Corporation (BofA Corp.). Bank of America has not been involved in the preparation of the content supplied at the unaffiliated sites and does not guarantee or assume any responsibility for its content. Applicants must complete a homebuyer certification course prior to applying. While the program is being launched in certain Black and Hispanic neighborhoods, race is not a consideration when applying. Bank of America, N.A. About 7 in 10 White households own homes, while only 4 in 10 Black households and 5 in 10 Hispanic households do, according to the National Association of Realtors. Tracking and monitoring the results of the pilot program, he said, would be key to determining which groups are participating, whether residents are getting good opportunities to own homes and what impact the program is having on communities. "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. The average rate for a 30-year fixed mortgage climbed to 5.66% for the week ending Sept. 1, according to recent data from mortgage lender Freddie Mac. Prospective buyers must also complete a homebuyer certification courseprovided by Bank of America and federally approved housing counseling partners before they apply for the loan program, the bank said. According to U.S. Census Bureau data for the second quarter of this year, the national Black homeownership rate was at 45 percent, while the rate of white homeownership reached 75 percent. Customers using the program will be evaluated for a home loan not by credit scores, but rather factors such as their history of making rent, utility, phone and auto-insurance payments on time, BofA said in a statement Tuesday. News provided by The Associated Press. Got a confidential news tip? Bank of America's headquarters in Charlotte, N.C . Tune in to eMarketer's daily, weekly, and monthly podcasts. ESG-supporting Bank of America offers special mortgages to black and The original press release does state that the program, called . Bank of America Corporation stock(NYSE: BAC)is listed on the New York Stock Exchange. The new program is geared toward. Banks have contributed to racial gaps in homeownership rates by approving fewer loans with less favorable terms for Black applicants than for white borrowers with similar credit profiles, Dr. Ray said. Mutual Fund and ETF data provided byRefinitiv Lipper. Theres no minimum credit score, and mortgage insurance isnt required. (Jeremy Erickson/Bloomberg via Getty Images / Getty Images). That compares with 51.1% for Hispanic households and 43.4% for Black households. Those are open questions, he said. Market data provided byFactset. Mortgages - Home Mortgage Loans from Bank of America In 2011, Bank of America agreed to pay $335 million to settle the Justice Departments allegations that its Countrywide Financial unit charged higher rates and fees to around 200,000 qualified Black and Hispanic borrowers solely because of their race or national origin.. The bank said the program will be available specifically in certain Black/African American and/or Hispanic-Latino neighborhoods in Charlotte, N.C.; Dallas; Detroit; Los Angeles; and Miami. The Black homeownership rate was lower in 2020 than it was in 2010, the NAR said. If you are not authorized to access this system, disconnect immediately! See our latest press releases, news articles or download our press kit. Bank of America announces measures to boost Black, Hispanic This is not the first time false claims of economic policy based on race have circulated on social media. But disparities in access to mortgages have persisted for decades, according to researchers. Unauthorized use is a crime and may be prosecuted under state and federal law. Updated on: September 3, 2022 / 6:58 PM And the city of Miami sued JPMorgan Chase in 2014, accusing the bank of predatory lending in communities of color. ESSA Bank to pay $3M to settle DOJ's redlining allegations Mortgage calculator Closing costs calculator Information for first-time homebuyers Find a home Search for homes by city & state or ZIP The Preferred Rewards program is our way of rewarding you for what you already do. The program called the Community Affordable Loan Solution will be available in certain cities including Black and/or Hispanic/Latino neighborhoods. 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 term redlining, which refers to the practice of denying mortgages in predominantly Black neighborhoods, comes from government homeownership programs created under the 1930s-era New Deal that offered government-insured mortgages as a form of federal aid. Most Facebook users can now claim settlement money. Before applying, applicants must complete a homebuyer certification course provided by housing counseling partners approved by Bank of America and the Department of Housing and Urban Development. BofA launches a mortgage program aimed at helping Black and Hispanic families. Oil Traders Are Daring to Defy Market Kingpin Saudi Arabia, Morgan Stanley, Goldman at Odds on S&P 500s Bull Market Rally, Big Tech Fuels Stock Gains Ahead of Key CPI Report: Markets Wrap, China Orders Last Indian Journalist in Country to Leave, Goldman Expects L-Shaped Recovery in China Property Market. This material does not take into account your particular investment objectives, financial situations or needs and is not intended as a recommendation, offer or solicitation for the purchase or sale of any security, financial instrument, or strategy. Certain neighborhoods in select cities are piloting the program, including Los Angeles, Miami and Dallas, the outlet reported. our research on digital transformation is exhaustive, US banks wrestle with the threat of new rules that will drastically increase capital requirements, Visa and Fiserv use fintech funding slump for M&A discount shopping, Search experts on how AI, changing consumer behaviors, and an influx of digital channels are redefining search advertising, Apples maturing financial services brand makes it a powerful competitor in consumer banking, TikTok bets big on livestream commerce, aims for $20B in global sales.

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