Bank of America launched a pilot program in several cities to help first-time homebuyers in Black and Latino neighborhoods obtain mortgage loans without down payments, closing costs or credit score minimums, Bloomberg News reports.
The trial program seeks to close the minority homeownership gap by eliminating some of those obstacles, even as the mortgage industry is plagued with practices that discriminate against minorities. Homeownership rates surged in 2020, but disparities remained. For white Americans, the homeownership rate is about 72 percent and 43 percent for African Americans, KXAS reports.
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