FILE - A Bank of America logo is displayed at a branch office in Palo Alto, Calif., Monday, Sept. 12, 2011. Bank of America says, Wednesday, Aug. 17, 2022, the revenue it gets from overdrafts has dropped 90% from a year ago, after the bank reduced overdraft fees to $10 from $35 and eliminated fees for bounced checks. (AP Photo/Paul Sakuma, File) (Paul Sakuma, AP2011)
Bank of America said it is now offering first-time homebuyers in a select group of cities zero down payment, zero closing cost mortgages to help grow homeownership among Black and Hispanic/Latino communities.
The option will first become available in certain neighborhoods in Charlotte, Dallas, Detroit, Los Angeles and Miami. 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.
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Applicants do not have to be Black or Hispanic to qualify for the product, a bank representative said.
