The goal of the Bank of America program is to expand lending opportunities to more people of color.
PUBLISHED 3:15 PM CDT Sep. 09, 2022DALLAS — With the announcement of a new program, Bank of America hopes to make home ownership more attainable in predominantly Black and Latino neighborhoods.program will launch in five cities, including Dallas, Charlotte, Detroit, Los Angeles and Miami.
“In terms of the current housing cycle, we may be at or close to the bottom in contract signings,” said NAR Chief Economist Lawrence Yun. “This month’s very modest decline reflects the recent retreat in mortgage rates. Inventories are growing for homes in the upper price ranges, but limited supply at lower price points is hindering transaction activity.”
It’s unclear when The Community Affordable Loan Solution program will start, but the Special Credit Purpose Program uses multiple factors to determine one’s eligibility. Factors including, but not limited to, on-time payments of rent, utilities, phone and auto insurance payments go into the credit guidelines. The program also doesn’t require a mortgage insurance or minimum credit score and individual eligibility centers on income and home location.
“In most cases on the front end, you do have to have the closing costs and the amount that the down payment costs. But, traditionally, there was always DPA programs, which came from the lender. Then you had incentives that were given to you from the seller that could be negotiated. So, even before Bank of America came out with its program, there were still options to where you could almost get down to zero out-of-pocket.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Canadian banks raise prime rates after Bank of Canada hikeRBC, TD Bank, CIBC, Scotiabank, BMO and National Bank raised their prime lending rates by 75 basis points to 5.45%. Find out more
Read more »
Europol Sees Tools to Tackle Crime in Cryptocurrency and Blockchain Technologies – Blockchain Bitcoin NewsCrypto abuse expands with use, Europol acknowledges but notes that blockchain technologies offer authorities a new opportunity to fight crime.
Read more »
The Cowboys' New Game Day Menu Has Lots of Cheese and Some Fresh ProduceThis coming Sunday AT&T Stadium, home to the Dallas Cowboys, will unveil its new season menu. Hopefully, it will wash away any bitter taste ...
Read more »
Dallas Cowboys kick off their season at home Sunday — with a major highway closed nearbyDallas Cowboys will play first regular season home game, as nearby State Highway 360 is closed for construction
Read more »