FACT CHECK: Does This Bank Of America Program Only Apply To Blacks And Hispanics?

Elias Atienza | Fact Check Reporter

An image shared on Facebook claims Bank of America is offering zero down payment, zero closing cost mortgage loans exclusively to Black and Hispanic borrowers.

Verdict: Misleading

While the program is being launched in certain Black and Hispanic neighborhoods, race is not a consideration when applying.

Fact Check:

Bank of America recently launched a program that would provide zero down payment, zero closing cost mortgages, according to NBC News. Certain neighborhoods in select cities are piloting the program, including Los Angeles, Miami and Dallas, the outlet reported.

The Facebook post claims that “Whites and Asians need not apply” to the Bank of America program and that it would only be available to “Blacks and Hispanics.”

It is true that the program was launched in certain markets, such as African-American and Hispanic neighborhoods. The original press release does state that the program, called the Community Affordable Loan Solution, would be launched in “designated markets, including certain Black/African American and/or Hispanic-Latino neighborhoods.”

However, the release does not state race or ethnicity would be a part of any applications. “Individual eligibility is based on income and home location,” the press release reads. (RELATED: Do Donations Made Through A Link On The Black Lives Matter Website Go Directly To Democratic Candidates?)

Media reports about the program have stated race is not a factor. CNBC, for example, reported that while the goal of the program mainly targeted Blacks and Hispanics, all races would be eligible to qualify. President and CEO of the National Community Reinvestment Coalition Jesse Van Tol told NPR that the program would help Black, Hispanic and, potentially, lower-income white borrowers.

“We launched a new loan program, Community Affordable Loan Solution, in 5 US markets last week,” Susan Atran, a spokesperson for Bank of America told Check Your Fact. “Anyone from any race/ethnicity is eligible to apply for this mortgage. Eligibility for the loan is based primarily on income and home location.”

This is not the first time false claims of economic policy based on race have circulated on social media. Check Your Fact previously debunked a claim from April 2022 suggesting Democratic New York Rep. Alexandria Ocasio-Cortez proposed a bill to add a 10% tax to white Americans.

Elias Atienza

Fact Check Reporter
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