Bank of America (BoA) announced a new trial program that will offer first-time minority homebuyers mortgages that will not require down payments, closing cost mortgages, or minimum credit score checks, it said in a statement on Aug. 30.
Minority activist groups have called these long-standing criterions obstacles to minority homeownership.
The bank has yet to disclose the size of the effort, which may soon be expanded to other cities, as part of its existing $15 billion Community Homeownership Commitment project.
“Homeownership strengthens our communities and can help individuals and families to build wealth over time,” said AJ Barkley, head of neighborhood and community lending for Bank of America in a press release….