Bank of America announced this week that it is starting a mortgage option for first-time home buyers offering no down payments, closing costs or minimum credit scores.
Katrina Campins analyzes the housing market and discusses how rising interest rates are affecting home buying on 'Cavuto: Coast to Coast.'
The program – called the Community Affordable Loan Solution – will be available to people in certain predominantly Black and Hispanic neighborhoods in Charlotte, Dallas, Detroit, Los Angeles and Miami. There are no limits on the number of loans involved in the program; any property must be located in census tracts that are more than 50% African American or Hispanic, the bank said. "Homeownership strengthens our communities and can help individuals and families to build wealth over time," AJ Barkley, head of neighborhood and community lending for Bank of America, said in a statement.
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