Bank of America has created a fabulous program for new home buyers in America. This option is available for first-time home buyers in a select group of cities.

Bank Of America has announced for no down payments, no closing costs and no minimum credit score for the first-time home buyers. But, this option is currently available in some cities only.

Bank Of America new mortgage program is currently available in only some of the cities. These cities are Charlotte, Dallas, Detroit, Los Angeles and Miami. 

This program is aimed at growing homeownership among Black and Hispanic/Latino communities where no down payments will be required to purchase a house for the first-time buyers.

To avail this benefit, the buyer must complete a homebuyer course from Bank of America and Department of Housing and Urban Development-approved partners.

This program is made to increase the homeownership of Black communities in the country. 

However, it is not confined to them only. The bank mentioned that people do not need to be Black or Latino to qualify for the program.

The new mortgage, called the Community Affordable Loan Solution, aims to help eligible individuals and families obtain an affordable loan to purchase a home.