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IPFS News Link • Central Banks/Banking

Bank of America tests no-down-payment mortgages for Black, Latino homebuyers

• Fox Business

Bank of America is launching a trial program offering mortgages for first-time homeowners that do not require down payments, closing costs or minimum credit scores, the bank announced this week. 

The program – called the Community Affordable Loan Solution – will be available to people in certain predominantly Black and Hispanic neighborhoods in Charlotte, Dallas, Detroit, Los Angeles and Miami. 

Applicants do not need to be Black or Hispanic in order to qualify for the program. It is unclear what the planned size of the program is.