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Other banks have established similar funding programs to help residents of underserved communities buy homes. Here's why one executive says aspiring homeowners should still get ready for that big goal now in spite of a hot housing market. To date, the company has helped 29,000 homeowners buy homes and has given out $270 million in grants. Once offer is accepted, the loan officer takes over and you'll work with them closely providing updated required documents for the program. You're continuing to another website that Bank of America doesn't own or operate. Its owner is solely responsible for the website's content, offering and level of security, so please refer to the website's posted privacy policy and terms of use.
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As his five-person family outgrew its Chicago apartment, Johnson Bam was looking to buy a home. He made that dream a reality by learning how to budget, saving for a down payment and managing expenses through his local Better Money Habits® program. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. We invite you to use our commenting platform to engage in insightful conversations about issues in our community.
However, first-time home buyers made up just 28% of those transactions, the lowest it has been since July 2015. Bank of America is launching new zero down payment, zero closing cost mortgage products to help members of predominantly minority communities buy their first homes. Your receipt of this material does not mean you have been prequalified or pre-approved for any product or service we offer. This is not a commitment to lend; you must submit additional information for review and approval. Also, if you opt out of online behavioral advertising, you may still see ads when you sign in to your account, for example through Online Banking or MyMerrill. These ads are based on your specific account relationships with us.
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This online lender offers joint applications, no fees and a wide range of loan amounts — up to $100,000. You must have good credit to qualify, but a short credit history won’t necessarily mean rejection. But unlike LightStream, there is a preapproval process so you can check your rate before you submit a full application. The most unique feature about this program are the credit guidelines. Normally, home buyers need a 620+ credit score but Bank of America’s program is based on factors such as timely rent, utility bill, phone and auto insurance payments. If so, you may be wondering how you can do this without having to save up for a down payment.
Bank of America today announced a new mortgage solution for first-time homebuyers, that offers a bank-provided down payment and no closing costs. The Community Affordable Loan Solution is available in designated markets, including certain Black/African American and/or Hispanic-Latino neighborhoods in Charlotte, Dallas, Detroit, Los Angeles and Miami. The Community Affordable Loan Solution™ aims to help eligible individuals and families obtain an affordable loan to purchase a home.
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MLPF&S is a registered broker-dealer, registered investment adviser, MemberSIPCand a wholly owned subsidiary of BofA Corp. Bank of America Real Estate Center – site to help homebuyers find properties with flags to identify properties that may qualify for Bank of America grant programs and Community Affordable Loan Solution™. MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.
And, to make the home buying process easier to navigate, we looked to the NAACP’s Responsible Lending Principles to create financial documents that use easy-to-understand language. Online, we offer helpful articles, information and videos. At locations across the country and over the phone, we provide personal support, including financial fitness workshops.
Applicants do not have to be Black or Hispanic/Latino to qualify for the loans. The program – called the Community Affordable Loan Solution – will be available in certain cities including Black and/or Hispanic/Latino neighborhoods. For more information on our programs and opportunities for collaboration. A place to call your own and put down roots—it’s a dream for people from every walk of life. We are dedicated to helping individuals and families buy a home that’s exactly suited for their needs. We ask for your email address so that we can contact you in the event we're unable to reach you by phone.
Our loans reporters and editors focus on the points consumers care about most — the different types of lending options, the best rates, the best lenders, how to pay off debt and more — so you can feel confident when investing your money. Aylea Wilkins is an editor specializing in personal and home equity loans. She has previously worked for Bankrate editing content about auto, home and life insurance. She has been editing professionally for nearly a decade in a variety of fields with a primary focus on helping people make financial and purchasing decisions with confidence by providing clear and unbiased information. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please reviewBank of America Online Privacy Noticeand ourOnline Privacy FAQs. If you prefer that we do not use this information, you mayopt out of online behavioral advertising.
Trust and fiduciary services are provided by Bank of America Private Bank, a division of Bank of America, N.A., Member FDIC, and a wholly-owned subsidiary of Bank of America Corporation (“BofA Corp.”). Insurance and annuity products are offered through Merrill Lynch Life Agency Inc. (“MLLA”), a licensed insurance agency and wholly-owned subsidiary of BofA Corp. Also, if you opt out of online behavioral advertising, you may still see ads when you log in to your account, for example through Online Banking or MyMerrill. You understand that you are not required to consent to receiving autodialed calls/texts as a condition of purchasing any Bank of America products or services. Any cellular/mobile telephone number you provide may incur charges from your mobile service provider.
Bank of America’s Community Homeownership Commitment® is bringing together products and resources that can help modest-income borrowers buy homes of their own. By combining down payment assistance and closing cost help with a low down payment mortgage, you may find that a new home is within reach. Dawn Lee, executive director and CEO of the San Bernardino-based nonprofit, said they provide eight hours of group counseling on homeownership for BofA grant applicants, which is a mandatory part of the process.
At Bankrate we strive to help you make smarter financial decisions. While we adhere to stricteditorial integrity, this post may contain references to products from our partners. We are an independent, advertising-supported comparison service. 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.
Bank of America Down Payment Center – site to help homebuyers find state and local down payment and closing cost assistance programs in their area. Bank of America participates in more than 1,300 state and local down payment and closing cost assistance programs. “The benefits of this program will be significant in the Inland Empire,” said John Loyacono, the area lending manager for Bank of America’s operations on the west side of Los Angeles. According to the bank’s research, 69% of all prospective buyers say down payments and closing costs are the biggest barriers to homeownership.
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