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Financial institution of America launches zero down, zero closing mortgage loans

First-time homebuyers in a choose group of cities, together with Charlotte, are eligible for zero-down loans to develop homeownership amongst Black and Hispanic communities.

CHARLOTTE, N.C. — Financial institution of America is now providing first-time homebuyers in a choose group of cities, together with Charlotte, zero down fee, zero closing price mortgages to assist develop homeownership amongst Black and Hispanic communities. 

Editor’s observe: The hooked up video initially aired on Aug. 22, 2022

Financial institution of America is providing the brand new choice in sure neighborhoods in Charlotte, Dallas, Detroit, Los Angeles and Miami. The brand new mortgages are referred to as the “Neighborhood Reasonably priced Mortgage Answer,” with the objective of serving to extra people and households acquire reasonably priced loans. 

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“Homeownership strengthens our communities and may help people and households to construct wealth over time,” AJ Barkley, head of neighborhood and neighborhood lending for Financial institution of America, stated. “Our Neighborhood Reasonably priced Mortgage Answer will assist make the dream of sustained homeownership attainable for extra Black and Hispanic households, and it’s a part of our broader dedication to the communities that we serve.”

The zero-down loans don’t require mortgage insurance coverage, the standard payment charged to consumers who put down lower than 20% of the acquisition value, and haven’t any minimal credit score rating. As a substitute, eligibility will probably be based mostly on components like well timed lease funds and on-time utility invoice, telephone and auto insurance coverage funds. 

Financial institution of America says potential consumers should additionally full a homebuyer certification course to use for a zero-down mortgage. 

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 WCNC Charlotte is a part of seven main media firms and different native establishments producing I Can’t Afford to Reside Right here, a collaborative reporting challenge targeted on options to the reasonably priced housing disaster in Charlotte. It’s a challenge of the Charlotte Journalism Collaborative, which is supported by the Native Media Venture, an initiative launched by the Options Journalism Community with assist from the Knight Basis to strengthen and reinvigorate native media ecosystems. See all of our reporting at charlottejournalism.org.  

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