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Bank of America Offers Zero Down-Payment Mortgages to Black, Latino Borrowers

NNPA NEWSWIRE — According to a news release, the Community Affordable Loan Solution aims to help eligible individuals and families obtain an affordable loan to purchase a home. “The Community Affordable Loan Solution is a Special Purpose Credit Program which uses credit guidelines based on factors such as timely rent, utility bill, phone and auto insurance payments,” officials stated in the release.
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By Stacy M. Brown, NNPA Newswire Senior National Correspondent
@StacyBrownMedia

Bank of America announced a new zero down payment, zero closing cost mortgage solution for first-time homebuyers, which will be available in designated markets, including certain African American and Hispanic neighborhoods in Charlotte, Dallas, Detroit, Los Angeles, and Miami.

According to a news release, the Community Affordable Loan Solution aims to help eligible individuals and families obtain an affordable loan to purchase a home.

“The Community Affordable Loan Solution is a Special Purpose Credit Program which uses credit guidelines based on factors such as timely rent, utility bill, phone and auto insurance payments,” officials stated in the release.

“It requires no mortgage insurance or minimum credit score. Individual eligibility is based on income and home location.”

Prospective buyers must complete a homebuyer certification course provided by select Bank of America and HUD-approved housing counseling partners prior to application.

Officials said the new program is in addition to and complements Bank of America’s existing $15 billion Community Homeownership Commitment to offer affordable mortgages, industry leading grants and educational opportunities to help 60,000 individuals and families purchase affordable homes by 2025.

Through this commitment, Bank of America has already helped more than 36,000 people and families become homeowners, having provided more than $9.5 billion in low down payment loans and over $350 million in non-repayable down payment and/or closing cost grants.

To date, two-thirds of the loans and grants made through the Community Homeownership Commitment has helped multicultural clients to achieve homeownership.

Bank of America also has a 26-year relationship with the Neighborhood Assistance Corporation of America (NACA), through which the Bank has committed to providing an additional $15 billion in mortgages to low-to-moderate income homebuyers through May 2027.

According to the National Association of Realtors, today there is a nearly 30-percentage-point gap in homeownership between White and Black Americans; for Hispanic buyers, the gap is nearly 20 percent.

And the competitive housing market has made it even more difficult for potential homebuyers, especially people of color, to buy homes.

“Homeownership strengthens our communities and can help individuals and families to build wealth over time,” said AJ Barkley, head of neighborhood and community lending for Bank of America.

“Our Community Affordable Loan Solution will help make the dream of sustained homeownership attainable for more Black and Hispanic families, and it is part of our broader commitment to the communities that we serve.”

In addition to expanding access to credit and down payment assistance, Bank of America said it provides educational resources to help homebuyers navigate the homebuying process, including:

  • First-Time Homebuyer Online Edu-Series, a five-part, easy-to-understand video roadmap for buying and financing a home, available in English and Spanish.
  • BetterMoneyHabits.com free financial education content, including videos about managing finances and how to prepare for buying a new home.
  • Bank of America Down Payment Center – site to help homebuyers find state and local down payment and closing cost assistance programs in their area. Bank of America participates in more than 1,300 state and local down payment and closing cost assistance programs.
  • Bank of America Real Estate Center – site to help homebuyers find properties with flags to identify properties that may qualify for Bank of America grant programs and Community Affordable Loan Solution™.

For more information, contact Bank of America at 1-800-641-8362.

The post Bank of America Offers Zero Down-Payment Mortgages to Black, Latino Borrowers first appeared on BlackPressUSA.

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Youth-Led Black August Event Brings Past to Present at East Oakland Boxing Association

The mission of Youth Alive! Is to “break the cycle of violence, heal trauma, and uplift a thriving community of leaders, to save lives in Oakland and beyond” by serving “as mentors, youth leaders, counselors, case managers, intervention specialists and violence interrupters,” working “to help violently wounded people heal themselves and their community.”
The post The mission of Youth Alive! Is to “break the cycle of violence, heal trauma, and uplift a thriving community of leaders, to save lives in Oakland and beyond” by serving “as mentors, youth leaders, counselors, case managers, intervention specialists and violence interrupters,” working “to help violently wounded people heal themselves and their community.” appeared first on BlackPressUSA.

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Youth-Led Black August Event Brings Past to Present at East Oakland Boxing Association

The East Oakland Boxing Association (EOBA) and Youth Alive! came together on Aug. 21 to share with their community all that Black August means to them.

Held on EOBA’s patio at 816 98th Ave. in Deep East Oakland, the two organizations hosted their second annual Black August Experience, featuring a food tasting, financial literacy and mindfulness workshops, and voter registration with the League of Women Voters Oakland (LWV).

Black August is known as a time to uphold the legacy of prisoners who protested their conditions by fasting, fighting, and educating themselves on the economic and political circumstances that contributed to their incarceration.

According to its website, “EOBA is a multi-service youth and community development hub that goes far beyond the ring. While rooted in the discipline of boxing, for nearly 40 years EOBA has also integrated robust programs in workforce development, food justice, afterschool enrichment, financial literacy, mentorship, and wellness.”.

The mission of Youth Alive! Is to “break the cycle of violence, heal trauma, and uplift a thriving community of leaders, to save lives in Oakland and beyond” by servingas mentors, youth leaders, counselors, case managers, intervention specialists and violence interrupters,” working “to help violently wounded people heal themselves and their community.”

Through Coro California, another leadership organization serving young people across the state for 80 years, they gained a broader understanding of Black August.

EOBA Executive Director Dawna Williams spoke about how much she learned about Black August from the youth who created it. “I let them educate me,” she said. Instead of talking about prison reform and mass incarceration, Williams and youth interns found that Black August meant so much more. “We would have done a disservice if we had just focused on who the people were and what their situation was…We tried to take their message from back in the day and make it relevant to the young people today. What do they need to know?”

Youth interns created and placed posters around the patio to help participants understand how traditional Black foodways, civic engagement, financial literacy, and the power of education are relevant to Black resistance today.

An EOBA member described Black August with Youth ALIVE! as “a whole vibe. “This year we added the Fun Zone for the kids, because you really cannot go wrong with a Fun Zone. I also loved seeing everyone chillin’ in the outdoor lounge, catching some Vitamin D and just enjoying a Friday evening together.”

The food tasting, a popular event from last year, featured traditional Black foods such as black-eyed peas, johnny cakes, and fried chicken. Led by Williams, the tasting included a talk about how these traditional foods were made and why they are forms of Black resilience.

The “‘Plate of History’ was a favorite of the online writers. “Fun, educational, and did I mention delicious? Our Taste of History cook, Angela Southall, served up some good eats while connecting food to history and culture.”

The writer also commended the “League of Women Voters Oakland for their civic leadership and for getting our young people informed, ready, and registered to vote.”

Overall, it was a “good Friday event in East Oakland,” the writer said.

Upcoming Black August events: Building Opportunities for Self-Sufficiency (BOSS), will host “Black August: The Arc of Liberation” at Oakland City Hall on Sat. Aug. 29, from 11 a.m. to 3 p.m.

The websites for East Oakland Boxing Association, Youth Alive! and CORO are sources for this report.

Jana Lang is an Oakland resident, teacher, gardener and poet participating in the Propel News Initiative.

The post The mission of Youth Alive! Is to “break the cycle of violence, heal trauma, and uplift a thriving community of leaders, to save lives in Oakland and beyond” by serving “as mentors, youth leaders, counselors, case managers, intervention specialists and violence interrupters,” working “to help violently wounded people heal themselves and their community.” appeared first on BlackPressUSA.

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EV Home Charging Warning: What Dealerships Won’t Tell You! #shorts

Is your home EV charging setup ready? Dealerships may not warn you about critical outlet and circuit needs. Find out before you plug in!
The post EV Home Charging Warning: What Dealerships Won’t Tell You! #shorts appeared first on BlackPressUSA.

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Dealerships won’t tell you: charging this big battery at home isn’t always simple. Verify your outlet capacity, circuit, and setup before assuming level one or basic outdoor outlets will suffice.

🔗 Watch the full video: https://youtu.be/A9Cd2SspoaQ

#AutoNetwork

The post EV Home Charging Warning: What Dealerships Won’t Tell You! #shorts appeared first on BlackPressUSA.

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Car Buying Secrets: Dealership Traps & How to Avoid Them #shorts

Don’t get tricked at the dealership! Learn essential car buying secrets to secure the best deal and avoid hidden traps.
The post Car Buying Secrets: Dealership Traps & How to Avoid Them #shorts appeared first on BlackPressUSA.

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Before stepping into a dealership, secure bank pre-approval for your financing rate. Then, get the out-the-door price in writing. Never discuss monthly payments until that number is fixed. Test road noise and rear visibility yourself. Decline add-ons with a simple ‘Not today’. Check backseat space with your tallest household member.

🔗 Watch the full video: https://youtu.be/maAOBjO1puY

#AutoNetwork

The post Car Buying Secrets: Dealership Traps & How to Avoid Them #shorts appeared first on BlackPressUSA.

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