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Bank of America announces zero down payment, zero closing cost mortgages for first-time homebuyers in Black and Hispanic communities nationwide
NBC ^ | 9/1/2022 | NBC

Posted on 09/01/2022 8:31:56 AM PDT by mikelets456

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.

Applicants do not have to be Black or Hispanic to qualify for the product, a bank representative 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 release. “Our Community Affordable Loan Solution will help make the dream of sustained homeownership attainable for more Black and Hispanic families, and it is part of our broader commitment to the communities that we serve.”

(Excerpt) Read more at nbcnews.com ...


TOPICS: Chit/Chat; Miscellaneous
KEYWORDS: 1619project; blackkk; blackliesmanors; blackliesmatter; blacklivesmatter; blm; boa; charlotte; cnbc; criticalracetheory; crt; dallas; detroit; discrimination; housing; loans; losangeles; miami; mortgages; msnbc; nazis; nbc; nobrainscollectively; race; racism; racist; woke
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1 posted on 09/01/2022 8:31:56 AM PDT by mikelets456
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To: mikelets456

Here we go again.


2 posted on 09/01/2022 8:33:05 AM PDT by facedown (Armed in the Heartland)
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To: mikelets456

Can I apply if I self identify as Black?


3 posted on 09/01/2022 8:33:34 AM PDT by Lockbox (politicians, they all seemed like game show hosts to me.... Sting)
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To: mikelets456

I’ve seen this movie before.

It doesn’t end well...........................


4 posted on 09/01/2022 8:33:56 AM PDT by Red Badger (Homeless veterans camp in the streets while illegal aliens are put up in hotels.....................)
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To: mikelets456

Can ASIANS who identify as black...will they qualify.. Or maybe some Ukrainian refuge who came through Mexico and had some Mexican papers... This isn’t RACIST is it?


5 posted on 09/01/2022 8:34:05 AM PDT by rovenstinez
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Sweet, the new generation of NINJA loans


6 posted on 09/01/2022 8:34:08 AM PDT by dsrtsage ( Complexity is just simple lacking imagination)
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To: mikelets456

I can’t wait for cries of racist and red-lining claiming that this is an attempt to simultaneously keep them out of white neighborhoods and to promote gentrification.


7 posted on 09/01/2022 8:34:53 AM PDT by KarlInOhio (The government sees you as either livestock or pet. If things get bad they will eat their pets too.)
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To: mikelets456

Hello 2006!!!!


8 posted on 09/01/2022 8:35:11 AM PDT by southernerwithanattitude (New and Improved Redneck!)
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To: mikelets456

Racist and an absolutely foolish business practice.


9 posted on 09/01/2022 8:35:33 AM PDT by EEGator
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To: mikelets456

Because it worked sooo well last time...


10 posted on 09/01/2022 8:35:54 AM PDT by Yo-Yo (Is the /Sarc tag really necessary? Pray for President Biden: Psalm 109:8)
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To: mikelets456

more racist anti-white policies, so glad I dumped my bofa accounts after the stunt they pulled over jan 6


11 posted on 09/01/2022 8:36:03 AM PDT by Jeff Vader ( )
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To: dsrtsage

Legal. They just pick zip codes, not color. Could be wrong but if the whites/asians jump on it B of A gets the virtue signal. Pretty smart wouldn’t you say?


12 posted on 09/01/2022 8:36:21 AM PDT by DIRTYSECRET
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To: mikelets456
I'm certain the bank has this capped to something they can afford to lose ... and they'll likely lose all of it!
(But it makes for good PR ... y'know ... "good intentions" and all. But you can "take it to the bank" that BofA damn-well knows the economic and social realities of doing this.)
13 posted on 09/01/2022 8:36:26 AM PDT by glennaro (Live life unbullied and unafraid. Choose to ignore or fight the irrationality that surrounds you.)
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To: mikelets456

Racism in Amerika! I LOVE THIS COUNTRY!!! I thought we already tried this liberal thingy with people who can’t or won’t make mortgage payments. Fool me once, shame on you. Fool me twice, shame on me. To hell with the racist Bank of Amerika.


14 posted on 09/01/2022 8:36:37 AM PDT by FlingWingFlyer (I always thought a Merry Garland was a Christmas tree decoration.)
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To: facedown

So does this mean redlining is okay now?


15 posted on 09/01/2022 8:36:54 AM PDT by Spok (Winston, how many fingers am I holding up?)
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To: mikelets456

Time to sell BA stock if you have it


16 posted on 09/01/2022 8:36:55 AM PDT by bort
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To: mikelets456

Discrimination


17 posted on 09/01/2022 8:37:00 AM PDT by Vision (Elections are one day. Reject "Chicago" vote harvesting. Election Reform Now. Obama is an evildoer.)
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To: mikelets456

Privilege to both the descendants of slaves and the descendants of those who enslaved 5 to 6 million black slaves in America. That completely dwarfs the 1/4 to 1/2 million black slaves the Anglos had in America.


18 posted on 09/01/2022 8:37:07 AM PDT by Tell It Right (1st Thessalonians 5:21 -- Put everything to the test, hold fast to that which is true.)
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To: mikelets456

Maybe they can introduce the great Pre-2008 NINJA loans. NINJA = No Income, No Job or Assets. It worked well for banks that tried it. And they blamed it on Bush. What could go wrong?


19 posted on 09/01/2022 8:37:13 AM PDT by MtnClimber (For photos of Colorado scenery and wildlife, click on my screen name for my FR home page.)
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To: mikelets456

Don’t tell me, the government (us taxpayers) are going to insure these loans.


20 posted on 09/01/2022 8:37:29 AM PDT by 1Old Pro
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