Rants & Gems #62 | Bank of America's No Down Payment Program For Minority Communities
Rants & Gems Real Estate Podcast
EYL Network
4.9 • 1.3K Ratings
🗓️ 31 August 2022
⏱️ 58 minutes
🧾️ Download transcript
Summary
In this episode Matt Garland and Quiana Watson discuss Bank of America No Down Payment Mortgages for Minority communities. We unpack all of the requirements and cut through the skepticism. Matt Garland loves OPM but Quiana is all about CTC. Let’s unpack
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Transcript
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| 0:00.0 | Um, but we're here. |
| 0:05.4 | We'll get some stuff adjusted so we can get started. |
| 0:11.7 | Someone said we're running a little bit late. We are just a little bit late, but we are ready to go. |
| 0:31.0 | Um, hello. |
| 0:35.0 | All right. So we are live. You guys, my name is Kiana Watson. I am co host of the Rants and Jim show today is MG the mortgage guys birthday. So he is. |
| 0:46.0 | Um, he is going to be playing the background. He was eager to get on the show that we had a little bit of technical difficulties. |
| 0:53.0 | Y'all know he was ready to talk to you guys about this new deal with Bank of America. |
| 0:59.0 | So he is passing me the ball. And I will be talking with you all about this new deal with Bank of America. |
| 1:07.0 | What's going on in the real estate world? And we will be going over our notes and talking about it together. |
| 1:12.0 | So I want everybody to do me a favor in the comments. Let's show MG some love. Tell him happy birthday. He's big on being a Virgo. |
| 1:21.0 | He enjoys being a Virgo. Big Virgo energy. If you guys can hashtag that big Virgo energy, happy birthday to MG the mortgage guy. |
| 1:30.0 | And um, I want to want you guys to also know we are the Rants and Jim show. Okay. |
| 1:38.0 | And we're going to talk about all things business, real estate, what's going on, what recent news, all of that good stuff. |
| 1:45.0 | So I'm glad that you're here. Thank you so much for always tuning in for to us. Thank you so much for supporting us. |
| 1:54.0 | We appreciate you for being 10 toes down with our movement. Okay. |
| 2:00.0 | And so here we are. |
| 2:02.0 | Bank of America. And we're going to talk about this in detail, but Bank of America tests the no down payment mortgages for minority community. |
| 2:12.0 | Now, let me tell you something about that. |
| 2:15.0 | I'm with them testing no down payment mortgages for minority communities. What does this mean? Let's talk about a few key points if I can get this blown up. |
| 2:25.0 | But I'm going to look a little closer so we can see. So what it does is it fall qualifies as a federal deposit insurance, right. |
| 2:32.0 | There's no down payment, no closing costs. There we go. No down payment. And there's a down payment grant of $10,000 to $15,000. |
| 2:43.0 | The crown will be tried out in certain predominantly black and Hispanic areas of Dallas, Detroit, Los Angeles, Miami and Charlotte, North Carolina. |
... |
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