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Looking past the headline: Bank of America’s “new” CRA loan

Wade Betz

Published 1 month ago

Have you heard the news about Bank of America's new "zero down payment, zero closing cost mortgages for first-time home buyers in Black and Hispanic communities nationwide"? Residents in selected Charlotte, Dallas, Detroit, Los Angeles and Miami neighborhoods will be offered the program first. There was quite the buzz aroudn their announcement in the real estate community this week. however, despite the misleading headline implying that only minorities are potentially eligible for this program, anyone regardless of race who qualifies for the loan in these undeserved communities can benefit.

Here is the link to the misleading article: https://www.nbcnews.com/business/consumer/bank-america-zero-down-payment-mortgage-first-time-buyers-details-rcna45662

Here is the link to the press release form Bank of America directly: https://newsroom.bankofamerica.com/content/newsroom/press-releases/2022/08/bank-of-america-introduces-community-affordable-loan-solution--t.html

Notice the difference in the spin put on the information? At the end of the day, Community Reinvestment Act (CRA) loans are nothing new and are FANTASTIC for borrowers who fit in that box.

Please do not hesitate to reach out to me if I can answer any further questions about this.

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National Rate Averages

Conf. 30Y Fixed

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Additional Resources

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Looking past the headline: Bank of America’s “new” CRA loan

Published 1 month ago

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How to Win In Today’s Real Estate Market

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How To Maintain Your Buying Power in a High Rate Environment

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Axen Mortgage

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