Bank of America Boosts Affordable Homeownership

Bank of America has introduced a new mortgage product that eliminates down payments and closing costs for eligible borrowers in select cities, while simultaneously extending a broader affordable housing initiative [1]. The new Community Affordable Loan Solution is designed to help historically underserved populations achieve homeownership by using alternative credit data instead of traditional credit scores [1]. This launch coincides with the bank's announcement that its Community Homeownership Commitment will continue indefinitely after surpassing its original $15 billion target [2].

Key takeaways

• The new loan program requires no down payment, no closing costs, and no mortgage insurance [1].
• Eligibility relies on timely rent and utility payments rather than traditional credit scores [1].
• Bank of America extended its Community Homeownership Commitment after delivering $15 billion in loans and grants [2].
• The new loan is initially available in Charlotte, Dallas, Detroit, Los Angeles, and Miami [1