Responses range from celebration to criticism
A major American bank has launched a new program to help first-time minority buyers finance a home purchase with
or closing costs. It’s a boon to buyers at a time when rising interest rates and low home inventory have stacked the deck against them.Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. You may unsubscribe any time by clicking on the unsubscribe link at the bottom of our emails. Postmedia Network Inc.
Crucially, the program also requires no minimum credit score, with eligibility focused instead on a borrower’s solid track record of rent payments and regular monthly bills like utilities and phone. Before applying, buyers must finish a homebuyer certification course that counsels them on ownership responsibilities and other considerations.
But the move quickly drew mixed responses online, as Bank of America have been criticized in the past for predatory lending practices — especially when loaning to minority groups.
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