Looking past the headline: Bank of America’s “new” CRA loan

Have you heard the news about Bank of America's new "zero down payment, zero closing cost mortgages for first-time home buyers in Black and Hispanic communities nationwide"? Residents in selected Charlotte, Dallas, Detroit, Los Angeles and Miami neighborhoods will be offered the program first. There was quite the buzz aroudn their announcement in the real estate community this week. however, despite the misleading headline implying that only minorities are potentially eligible for this program, anyone regardless of race who qualifies for the loan in these undeserved communities can benefit.
Here is the link to the misleading article: https://www.nbcnews.com/business/consumer/bank-america-zero-down-payment-mortgage-first-time-buyers-details-rcna45662
Here is the link to the press release form Bank of America directly: https://newsroom.bankofamerica.com/content/newsroom/press-releases/2022/08/bank-of-america-introduces-community-affordable-loan-solution--t.html
Notice the difference in the spin put on the information? At the end of the day, Community Reinvestment Act (CRA) loans are nothing new and are FANTASTIC for borrowers who fit in that box.
Please do not hesitate to reach out to me if I can answer any further questions about this.

Reviews

"10/10 service!!!! Wade and his team went above and beyond to make sure we closed on our home. With a few hiccups and hurdles in the last hour they did navigate each step efficiently. I would definitely recommend them to assist with anyone looking to obtain a loan. Thank you 👍🏼"

camellia valenciano

"Wonderful"

cynthia green

"In 2015 Wade and his team helped us get into our first home, fast forward 8 years things have changed and due to a divorce hard decisions had to be made concerning the ownership of the house. From the beginning, even though we’ve never met in person Wade and team has given me solid advice over the phone, through annual check in’s and monthly words of inspiration through emails. But the one thing that has stuck with me and I have begun using it in everyday life is when he recently told me. “I am going to tell you what you NEED to hear, not what you WANT to hear.” Going through a divorce isn’t easy but sometimes you need someone like Wade to guide you and even though this time he was not our broker he will always be there to tell me what I need when it comes to his expertise. This make’s me feel like I am a forever client of his and you can’t go wrong with Wade Betz and team. I move into my new house today and with his words of wisdom I feel like I’m “Winning!” Thank you, Wade and team."

adriana hernandez