Bank of America on Wednesday announced a new mortgage home loan program for first-time homebuyers. As noted by B of A’s press release, blacks and Hispanics are the main focus of their new program.
While it may be true that other races and ethnicities are not technically excluded, the program is explicitly targeting Black and Hispanic to achieve a racial goal. Certain borrowers will be able to apply for a zero down payment, zero closing cost mortgage with Bank of America’s new lending program in select cities.
There will be zero mortgage insurance (loans over 80% loan to value typically charge borrowers mortgage insurance fee) and no minimum credit score!
What could possibly go wrong?
