The Truth About Bank of America | Are They Redlining?

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Today, we once again sit down with Dallas-based mortgage professional Dave Ball best known by his social media handle @coinsnculture. 

In this episode, Dave breaks down Bank of America’s new home loan program focusing on Black and Hispanic communities, the Community Affordable Loan Solution™. He clears up common misconceptions surrounding the program and explains how to maximize one’s potential to be approved for a mortgage according to BofA’s stringent lending guidelines. We both share the concerns we’ve heard from our audiences as well as false information that has been spread about it.  

Dave also highlights the importance of financial responsibility when purchasing any property, and offers his best advice on protecting your real estate investments in a downmarket, and even in a recession.

Highlights

1) BofA’s program requires potential borrowers to have a 50% or less debt-to-income ratio, three credit tradelines (credit scores), and no late payments within the last six months on your credit report. They also take non-traditional credit into account, including utilities, car payments, etc.

2) This program does not equal redlining because BofA is incentivizing Black and Hispanic communities to take advantage of this opportunity and they are lending in those neighborhoods.

3) Regardless of whether you want to buy a home in an upmarket, downmarket, or sideways market, plan to live in that home for a minimum of three years. As long as you purchase a home within your budget, you will be relatively unaffected by current market conditions.

How to find him

Instagram – @coinsnculture

Episode 41 About Redlining- https://podcasts.apple.com/us/podcast/black-real-estate-dialogue/id1485181666?i=1000489156878

Access all of our resources on our website- https://www.blackrealestatedialogue.com/links