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To help narrow a homeownership gap among Black and Hispanic-Latino communities, Bank of America is launching new zero down payment, zero closing cost mortgage products to help people in minority communities buy their first homes.
The program — called the Community Affordable Loan Solution — will be available to certain markets including majority Black and/or Hispanic/Latino neighborhoods, in Charlotte, North Carolina; Dallas; Detroit; Los Angeles; and Miami.
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The loans are subject to rigorous underwriting and are based on credit guidelines including on-time bill…