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Zero percent mortgages hitting Main Street
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Zero down-payment mortgages and similar programs appear to have recently been gaining traction on Main Street.
Bank of America announced Aug. 30 that it is launching a trial program, called the Community Affordable Loan Solution, offering mortgages that do not require closing costs, down payments or minimum credit scores. People in predominantly Hispanic or Black neighborhoods in Charlotte, North Carolina; Dallas; Detroit; Los Angeles; and Miami that meet specific income requirements will have access to the program.
BANK OF AMERICA CORP.
AS MORTGAGE RATES CLIMB, LOAN DEMAND, REFINANCING DROPS
In March, TD Bank launched a similar program that includes a $5,000 lender credit that qualifying borrowers can use on home purchase closing costs or down payments. Qualifying borrowers must meet certain credit and income parameters, as well as reside in a participating market, according to the bank's press release.