Bank of America will offer no-down-payment mortgages to minorities.

By The Exchange Team

Bank of America is offering new zero-down-payment, zero-closing-cost mortgage packages to assist minorities buy their first houses.

Community Affordable Loan Solution will be provided in majority Black and/or Hispanic/Latino areas in Charlotte, Dallas, Detroit, Los Angeles, and Miami.

The loans are based on credit requirements, including on-time rent, utility, phone, and auto insurance payments. Income, location determine eligibility.

There is no requirement for a minimum credit score or mortgage insurance. To be eligible for the loans, applicants must not be Black or Hispanic/Latino.

Applicants must complete a homebuyer certification course from Bank of America and HUD-approved housing counselling partners.

The Wall Street bank's efforts come as evidence shows it's hard for minorities to become homeowners.

As per a recent LendingTree survey, the mortgage denial rate for Black borrowers is twice that of the general population.