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Home concept, Home savings

Source: sakchai vongsasiripat / Getty

Less than half of Black and Hispanic households in Charlotte own their homes.

The Charlotte Observer reported that Bank of America recently announced the launch of a Community Affordable Loan Solution pilot program that will provide home loans to Black and Latino communities in Charlotte and some other cities across the country with no down payments and no closing costs.

According to recent census data, the national homeownership rate for white inhabitants was 74.6% during the second quarter of 2022, while the rates for Black and Hispanic residents were 45.3% and 48.3%, respectively.

There are few loan programs in Charlotte that expressly assist minorities, but a handful does exist to help low-income families with down payments on homes.

  1. HOUSE CHARLOTTE PROGRAM

  2. SECTION 184 INDIAN HOME LOAN GUARANTEE PROGRAM

  3. HOMEREADY MORTGAGE

Read the full story here.