Bank of America announces mortgage solutions for first-time home buyers – NBC New York (47)

Bank of America said it is now offering first-time home buyers a selection of city mortgages with no down payment and no closing cost to help increase home ownership among the black and Hispanic/Latino communities.

The option will be available first in select neighborhoods in Charlotte, Dallas, Detroit, Los Angeles and Miami. The bank said the new mortgage, called the Concessional Community Loan Solution, is aimed at helping eligible individuals and families obtain an affordable loan to purchase a home.

“Home ownership strengthens our communities and can help individuals and families build wealth over time,” AJ Barclay, president of neighborhood and community lending at Bank of America, said in a statement. “Our affordable community loan solution will help more African American and Hispanic families realize the dream of owning sustainable homes, and it is part of our broader commitment to the communities we serve.”

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