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Phoenix not included in Financial institution of America no down fee program

ByEditorialTeam

Sep 2, 2022

Financial institution of America is launching a mortgage program that requires no down fee or closing prices to assist increase Black and Latino homeownership in 5 U.S. cities, however Phoenix didn’t make the checklist.

The pilot program, known as Neighborhood Reasonably priced Mortgage Answer, will likely be out there in Charlotte, N.C., Dallas, Detroit, Los Angeles and Miami neighborhoods that haven’t but been publicly recognized. 

The lender stated it could possibly be expanded to different cities however did not specify which of them.

The loans additionally received’t require mortgage insurance coverage or a minimal credit score rating. 

Black homeownership has dropped in Arizona over the previous 50 years, in keeping with Arizona State College’s Morrison Institute for Public Coverage.

Latino homeownership in Arizona fell in the course of the 2008 housing crash and hasn’t rebounded.



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