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Updated almost 3 years ago on . Most recent reply

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Nick Sansivero
  • Rental Property Investor
  • Wilmington, NC
33
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Bank of America announces zero down payment loans

Nick Sansivero
  • Rental Property Investor
  • Wilmington, NC
Posted

Bank of America just announced zero down payment, zero closing cost, and no minimum credit score mortgages for Black and Hispanic first-time homebuyers.

https://www.bloomberg.com/news/articles/2022-08-30/bofa-tests-no-down-payment-mortgages-for-minority-communities

I’m all for giving people opportunities, but isn’t this reminiscent of the kind of policies that lead to the 2008 mortgage collapse? Do we have anything to be worried about here?

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Michael Dumler
  • Real Estate Agent
  • Atlanta, GA
1,713
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Michael Dumler
  • Real Estate Agent
  • Atlanta, GA
Replied

@Nick Sansivero, I'm not a lending expert, but if I had to speculate, there's no shot Bank of America is holding these loans on their books. This has government-backed subsidizing written all over it. No such thing as a free lunch, there are only trade-offs. 

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