Bank of America announced this week that it will not make any down payments for first-time home buyers

Mortgage insurance is not required in this program.

Will initiate a mortgage option to give no closing costs and no minimum credit score. 

Instead, eligibility will be based on factors such as timely rent payments and timely utility bills, and phone and auto insurance payments.

So that black and Hispanic/Hispanic are not. to help increase homeownership among Latino communities

White households are now 40% more likely to be able to buy homes than black homes, the association said.

The option will first be available in some neighborhoods in Dallas, Detroit, Los Angeles, Charlotte, and Miami.

Must also complete a homebuyer certification course provided by Bank of America and union-approved housing consulting partners

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