2008 all over again? BofA is offering zero-down-payment, zero-closing cost mortgages for minority communities -- here's what you need to know about the program

Contributing sentiments towards policy:

50% : It offers loans to minority buyers without the need for a down payment, closing costs or private mortgage insurance (PMI), an extra cost that's customary for buyers who put down less than 20% of the home's purchase price.

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