Bank of America has launched a zero-payment loan initiative primarily for the minority community.

This program is called Community Affordable Loan Solution. Through this, loans will be given to people from Black and/or Hispanic/Latino neighborhoods.

Loan Eligibility

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ELIGIBILITY FOR LOAN

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Purpose of loan

[{"selector":"#anim-0a4cef57-c76f-4dff-8aaf-56c236d6eb29","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] 1. The Community Affordable Loan Solution program aims to help black people build new homes.

[{"selector":"#anim-348f98be-78fb-4020-8330-2e7f0efea0bf","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] This initiative will bring life to the Black people. Now you can easily buy your house with zero down payment. Earlier, minorities had to face many difficulties in getting loans.

ONLINE SERVEY REPORT

[{"selector":"#anim-e23f9dc8-77a8-47ff-8f5a-752ae8e74a91","keyframes":{"opacity":[0,1]},"delay":0,"duration":2000,"easing":"cubic-bezier(0.4, 0.4, 0.0, 1)","fill":"both"}] 1. If the loan was rejected by 9% of the total population. So more than 18% of loans were rejected for black people's applications.

[{"selector":"#anim-523e67df-5f31-4c29-a9a5-2d92f9f75482 [data-leaf-element=\"true\"]","keyframes":{"transform":["translate(0%, 0%) scale(1.5)","translate(0%, 0%) scale(1)"]},"delay":0,"duration":2000,"easing":"cubic-bezier(.3,0,.55,1)","fill":"forwards"}] “The problem does exist,” said Jacob Channel, senior economist at LendingTree. “We have data that backs that up.