![]() ![]() This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. The offers that appear on this site are from companies that compensate us. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence.īankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. remains high, with white households's homeownership rate standing at 72.1 percent, compared to 51.1 percent for Hispanic households and 43.4 percent for Black households, according to 2020 data from the National Association of Realtors.We are an independent, advertising-supported comparison service. The racial gap in homeownership rates in the U.S. ![]() Such claims are fueling misinformation around the program, as the BofA's plan, though it focuses on Black and Hispanic neighborhoods, is not only targeted to minorities, and white people can apply as well, according to the required eligibility criteria. Conservative comedian Tim Young tweeted: "Can someone explain to me how this isn't racial discrimination?" House candidate Irene Armendariz-Jackson, a rising star of the GOP, the daughter of Mexican immigrants and the wife to a border patrol agent.Ĭonservative author Michael Savage wrote: "Welcome to Zimbabwe (Whites need not apply). "What about first time homebuyers who are not Black or Latino? Are they told to kick rocks?," tweeted Republican Texas U.S. Claims of Racial Biasīut the announcement of the program has also sparked backlash among a fringe of right-wing politicians and commentators on social media who have tweeted their discontent with the BofA's plan, calling it discriminatory towards white people. The bank said it has already helped more than 36,000 people become homeowners through this scheme. Map Shows Nearly 200 Housing Markets That Could See 20 Percent Price DropīofA had already started addressing the issue, with a previous $15 billion program to offer affordable mortgages, grants and educational opportunities to help 60,000 individuals and families purchase affordable homes by 2025, under the Community Homeownership Commitment.House Prices Are Now Rising Fastest in These 15 U.S.County Offers Up to $1,500 'Direct Relief Payments' To Help Pay Mortgages.In July this year, BofA agreed to pay $8 million to end the class action claims. Ten years later, in 2021, a nationwide class action lawsuit filed in Florida accused the bank of being "misleading, deceptive, and unfair" in the servicing of its home loans. In December 2011, the bank was ordered to pay $335 million to settle federal claims that its Countrywide Financial unit charged Black and Latino borrowers higher fees and interest rates than white borrowers. The move addresses criticisms made to the bank, which has long been accused of discriminating against minority buyers with its credit score-based mortgage programs. Prospective buyers will have to complete a homebuyer certification course provided by the BofA and HUD-approved housing counseling partners to be able to apply to the program, according to the bank. John Smith/VIEWpress Trial Phase and HurdlesīofA has also not yet revealed the size of the program, which is still in a trial phase and could later be expanded to other cities next year.Įligibility will be based on income and home location, according to a statement by BofA, while the credit guidelines will be based on factors such as history of making rent, utility, phone and auto-insurance payments on time. Charlotte-based Bank of America announced a no-down payment mortgage program on Wednesday aimed at first-time homebuyers in five minority neighborhoods. ![]()
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