Bank of America new no-money-down mortgage loan. The truth. Did you know that Bank of America has
this new loan that doesn't require money down? They don't look at your credit score. They don't
require closing costs and all this other crazy stuff. Well, did you also know that I used to
be a mortgage underwriter at Bank of America and even a manager? So, I know way more about
this than anybody else. Well, it's all true, and in this video, I'm going to share with you some
Insider secrets on what's really going on with this new Bank of America mortgage loan. Let's go.
I'm gonna share with you the real deal on this new Bank of America mortgage loan from top to bottom.
I'm gonna share with you an Insider secret that only a former Bank of America employee could ever
tell you, and I'm gonna give you the exact plan on how you can get approved for this new loan. First,
let's talk about the what. What is this new Bank of America no money down, no credit score
requirement, no down payment, new loan that everyone is talking about? Well, it's actually
true. Bank of America got into some trouble with a few lawsuits and they have come up with a new
initiative to increase home ownership in the Black and Latino communities. They have created a loan
program, where it does not require a down payment. They will give you a grant for the down payment.
They will not rely on your credit score. So, there is no credit score requirement like usually,
you need a 580 score or a 620 score, or 640 FICO score. Well, this mortgage loan does not have a
credit score requirement and this loan does not require you to come up with closing costs. Closing
costs are usually the lender's origination fees, their underwriting fees, their processing fees,
and loans associated with them, processing your mortgage application. Well, in this situation
Bank of America has decided not to have those fees on this loan program and it is all the buzz that
everyone is talking about. So, let me get into some details about this new loan because it is
very interesting and I have some Insider tips as a former Bank of America underwriter and a
underwriting manager, who can tell you all about what they're really doing and why this really came
about, and if you should go for this loan at all or try something different. First things first,
if you want more money for your business, you're going to need a business checking
account. NorthOne offers business checking accounts that you can get set up in less than
three minutes and you can do it all online. All you do you open up your browser, you're going to
type in NorthOne very simple. You're going to then login and register account, opening a new account.
As you can see, I'm clicking here, I'm showing you different ways on how you can easily open a
new account for yourself and for your business. Your business is going to have to be registered
with your state, your secretary of state because you actually need a business. Once you have your
account all set up, you will see that having a business checking account with NorthOne is
amazing and simple. You can actually integrate all of your different merchant processing accounts.
For example, if you have PayPal or Stripe, you can integrate that into the account and those deposits
will go directly into your NorthOne account, and then you will not only have statements from your
merchant processor like PayPal, Square, or Stripe. You'll also have business checking
account statements from NorthOne that you can just pull down digitally, you can just download them
and create a PDF of them, and now, you have all of your statements in one place. Check out the link
below at NorthOne and get your business checking account today. This way you can use your business
checking account statements and many lenders will lend to you with just that information. Get your
business checking account today with NorthOne and get this debit card that you can use anywhere in
the United States absolutely free. Now, back to this video. This new loan from Bank of America
is called the Community Affordable Solutions Loan. That's what they're calling this loan, and
you will see articles talking about this new loan program. Well, let me tell you some of the history
on Bank of America and some of these loans. Bank of America is notorious and has literally been
sued in civil lawsuits for not lending to enough people in the Black and the Latino communities.
In fact, home ownership is about 80 percent in the white community, and it's about 47 percent in the
Black and African-American community, and it's a closer to 51-52 percent in the Latino community.
So, when you're looking at the statistics of home ownership in America in some of these communities,
it's very evident that the Black community has definitely been left behind and is not reaching
some of the home ownership goals. Now, you know that I am a real estate millionaire today, but I
did not start there. So, I can tell you that home ownership and owning real estate is the number one
way to wealth, and owning a home is a very import of your economic plan. It is a great way to build
equity to gain appreciation, build your net worth, and take advantage of leveraging your property
to get more properties or borrow money against your property. Not owning properties has been a
definite detriment to many communities, especially the Black community. Now, we're not going to get
into race because you know Noelle does not really get into those type of conversations.
But I'm just going to give you the stats on it because obviously, I identify as a Black
person. We all know that statistically speaking, there was a period in America, where people of
the Black community could not purchase homes. In fact, during some of the 50s and the 60s, it was
prohibited, and many Black people would have to use White people as straw buyers to ever purchase
a home. This created a big gap in the financial gap between Whites and Blacks in America. Because
as we know that home ownership is a great way to build equity and instead of renting from someone
else, you're literally building equity in a property and you can sell it for lump sums of
cash. Just as an example. I recently sold a house and I made eighty thousand dollars profit after
owning the home for just two or three years. Now, imagine if there was decades and decades, where
I was prohibited from doing that. Would I be the millionaire that you see today? Probably not. So,
when you look at today and some of the economic gaps and the disparities between White people
and Black people, there are some economic policies that happened in the past for decades that caused
this economic gap, and there weren't many things that were done to actually close that gap. Well,
add on top of that. Some of the policies that happened in the 70s and the 80s with redlining
were literally Bank of America and Banks like that, would not lend in certain communities. They
literally did something called redlining, where they would draw a red line around certain areas
in certain communities and they would not lend in those areas because they considered it too high
of a risk. Well, statistically speaking, those were all Black and Latino and minor 30 areas. So,
not only were Black people prohibited from buying homes for decades in America. Then once the laws
changed and they could buy homes, they were not able to buy homes in their own areas. So,
this only added to the fuel and caused even more economic disparities between Whites and Blacks
in America, and now, even Latinos. So, let's fast forward to today and some other things that have
happened in even more recent times as recently as 2014. Bank of America was literally sued in
a civil suit for not lending to people in Black and Latino cultures. They literally looked at
some of the numbers from the federal government on a federal application. When you are applying
for a mortgage loan, it asks your demographics and they found that statistically speaking,
Black African-American and Latino populations were declined at a rate almost three times that
of white borrowers with similar credits and similar income profiles, it really just did
not make sense. In fact, I used to work at Bank of America as a mortgage underwriter,
and some of the things that I understood about the Black community and how they saved money, some of
their saving patterns. Even some of the distrust in Banks. They would not let you have money that
wasn't in a certain account, or they wouldn't allow Black and Latinos to do some of the things
that they did with saving money through partners and salsas, and some of those things that are very
prevalent in some of those communities to save money. The Banks did not allow those savings and
those assets to ever be included in the mortgage process. Additionally Bank of America and a lot of
the big Banks were pushing people into high-risk subprime loans when they qualified for government
and conventional loans. This was because many of the Black community and the Latino community,
just were not educated in the mortgage process and the loans like subprime loans, for example,
paid out at a higher rate. So, loan officers were incentivized to push people into higher-risk loans
that had armed payments, which are adjustable rate mortgages. They had balloons on them and they were
just riskier loans with much higher rates that they did not need to get anyway. Again, adding
to all of the things that happened in the history, then adding to it the discriminatory practices,
and then adding to its subprime mortgages. It was a disaster for many in the Black and
Latino communities and something really needed to be done. So, fast forward to today. Bank
of America obviously is trying to change their reputation and try to help fix this income gap
in this wealth disparity gap because they are the largest Bank in all of America. In fact,
most of the mortgages in America are through Wells Fargo, Bank of America, and Chase Bank. They're
the biggest mortgage lenders in America, and unfortunately, they are not lending to people in
these minority communities at the rate that they should. It really just doesn't make sense when you
look at the numbers. Like I said, as a former underwriter at Bank of America, Wells Fargo,
and advice president at Chase in the mortgage divisions. I can tell you from experience, there
was a real gap in how some of those communities were looked at, how they were qualified,
and many of the traditional ways that they saved money, were excluded from the process altogether.
Add to it, not being educated on the full mortgage process. It really just made situations worse. So,
I love the fact that you're watching this video because I'm going to educate you on this mortgage
process and teach you how to navigate it and how to get the best mortgages for your situation
because you can do it, and it's worth it. Home ownership is the number one way to build wealth
in America. So, let's get to that part. I know I said a lot there, comment below. Let's have a
real conversation about this. Like I said, I don't usually like talking about race and having those
race conversations. But this is truly a mortgage program for people of a certain race, and it's
even for certain communities in certain areas that they're talking about lending in. Let's talk about
it below because I have even more information. That's a little bit sketchy on this, and I want to
have a real conversation on this. Comment below, let's talk about it. So, the next thing that you
need to know about this new mortgage loan is not only is it designed to help the African-American,
Black communities in the Latino communities. It is not just for African Americans or Latinos.
Things are not able to discriminate you for a mortgage based on your race. So, all races,
all nationalities, are able to apply for this loan. However, this loan is designed for certain
geographic areas in Black and Latino predominant neighborhoods. That's a part, that's really
different. It's almost the opposite of redlining, where they would redline an area and say that you
couldn't borrow in that area. Now, they are making this loan specific to those certain areas and to
specific communities. So, let's talk about what some of those communities are. Six of the areas
that they're trying to focus on is Charlotte North Carolina, Dallas Texas, Miami Florida, Los Angeles
California, and Detroit Michigan. Those five areas are five areas that they specifically,
outline, and there are definitely more. Those are predominantly minority areas that are not seeing
the same numbers of white home owners. So, they are specifically trying to put money into those
areas. So, that minorities can own properties in the communities that they live in. This seems
like a great idea on the surface, we'll see how it turns out. But unfortunately, I don't necessarily
like that idea because you're making it specific to where I have to live, and like I said,
this is not just for people of minority races. So, basically, you are putting money into those areas,
but it is not just for Black or Latino people. So, other racist, other nationalities, now have access
to all this money in those areas, and most likely they're probably going to be the ones to benefit
and start owning real estate, and some of these really highly appreciating areas. The five areas
that I named Charlotte North Carolina, Dallas Texas, Los Angeles California, Miami Florida,
and Detroit Michigan, our big city. These are urban areas with populations that are growing
and growing, therefore that real estate is going to be very valuable. So, yes, Black and Latino
people should definitely be trying to buy those properties, force appreciation by fixing those
properties up. But at the same time, the mortgage process can be very daunting. Even taking away the
fact that you don't have to come up with closing costs, a down payment, or use your credit score.
You're still going to have to qualify for these mortgages and they're still going to be a rigorous
process to get through it. So, let me talk about how to get through this process, how to get
approved, and if this is the best thing for you. Even if you don't want to live in those areas.
Let's talk about that for a second. So, the reason that Bank of America has stated they are trying to
do this new type of loan and the reason why they are pumping this money into this loan program is
they are trying to close the wealth disparity gap especially when it comes to home ownership. So,
they're trying to pump money into these specific areas. But like I said, as someone that invests in
real estate, I'm not necessarily that happy about you have to buy in a specific area.
Although I do like that those five areas that are named are really highly appreciating areas
and they're seeing some of the best appreciation around the country. Except for Detroit Michigan,
just being honest. I absolutely love Miami. I own property in the Charlotte area. Dallas Texas,
you guys know I used to live in Dallas and those markets really are good for real estate. So,
should you buy properties in La, for example, Los Angeles California, Dallas Texas, Charlotte North
Carolina? Absolutely. Should you apply for this mortgage? I absolutely do think that you should.
If you are thinking that you want to buy property and you live in those areas and you want to live
in those properties. Because again, it has to be a primary residence, you do need to live in
the home, you cannot buy this as an investment property. Then this is a great opportunity for
you. Bank of America has offered loans like this before through a program called NACA, and you can
go to that website and see. Bank of America was involved in several lawsuits, even in the 90s
and they had to set aside four billion dollars to lend loans that had no mortgage insurance,
had no closing costs, and didn't require a credit score. But unfortunately, those loans took a very
long time to get approved, and most of the time if you went to a seller and on your contract,
you were going with a knack alone or one of these Bank of America loans. They did not accept your
offer because they knew it would take you three months to get through the mortgage process and
other offers were probably going to get accepted over yours. So, this can be problematic if
you're in a very competitive market, which of course Miami, Charlotte, Dallas, Los Angeles,
and Detroit are. So, there's going to be some navigation that you're going to have to do with
this. But I definitely think this is worth it. If you are not a home owner right now, and you're
looking to get your first property. You will be crazy not to at least apply and take advantage
of this. Even if the process was a little bit daunting, you're saving so much money with a fixed
interest rate. Because again, they're not allowed to do adjustable rate mortgages, like I said that
they were doing before with those subprimes. Now, they have to offer you a fixed rate. They have
to do it without a credit score requirement. They have to give you a good loan that makes sense for
you. But again, you have to be in those certain areas. So, if you live in those certain areas or
you want to buy a home in those areas. Absolutely take advantage, apply for this loan. I strongly
suggest it. I definitely think home ownership is one of the most important things that you can do
to build your wealth. So, go ahead and apply, and again, let's have a conversation about that below
because I know many people in the African-American community and the Latino community are going to be
very skeptical about Bank of America. Like I said, they have a very checkered past with how they have
treated people of minority descent in the past. So, I say yes, be skeptical. But at the same time,
be optimistic. You can be skeptical. You can have your questions. But definitely be optimistic and
move forward. They're doing this for a reason. These are still mortgages and they're still going
to make money off of them. If you've ever seen a mortgage loan truth and lending statement,
you will know that. Even if you're buying a house that's like two hundred thousand dollars
by the time you're done paying for it. 30 years later, you've paid nearly a million dollars for
that home. So, they're definitely going to make money on these loans. It's definitely in their
best interest to start getting more people to buy homes. I have a whole video teaching you on what's
going on in the market. And so, this is basically an opportunity for you to get what you want,
and for Bank of America to make money to in the process. So, go ahead, check it out. Let's have a
conversation about it below, and let's see what happens. So, you can get my book, Real Estate
Millionaire Secrets, absolutely free. Just go to noellesfreebook.com, my book. I poured my heart
into, and I teach you exactly how I went from my parents basement broke, bankrupt, bad credit,
no job, and how I made lots of money in real estate and became a real estate millionaire today.
You can get this book absolutely free. You just cover the shipping. Go to noellesfreebook.com and
get your copy today. I just want to make sure that you have all of the resources, all of the tools,
and all of the knowledge that you need to be successful. This is Noelle to your success.