Bank of America is dedicated to empowering citizens of the United States via the control and influence of homeownership. The Bank of America Community Homeownership Commitment® scheme offers reasonably priced mortgages, grant initiatives, assets, as well as expert knowledge to low-income and first-time house buyers.
Bank of America is helping individuals in becoming first-time property owners via a program aimed at low- and moderate-income neighborhoods. To this day, the corporation has assisted 29,000 property owners in buying property and has distributed $270 million in grants.
Even though home prices go up, the American Dream of being a homeowner stays alive and well. However, for first-time home buyers, this may be a significant barrier to overcome. According to fresh National Association of Realtors data, sales of personally owned apartments increased by 7% in September as interest rates on mortgages fell.
Nevertheless, first-time property buyers accounted for only 28% of those exchanges, the biggest drop since July 2015. Bank of America, along with other credit intermediaries, is assisting many individuals in becoming first-time property owners via a program aimed at low- and moderate-income neighborhoods.
The Bank of America Community Homeownership Commitment was launched by the corporation in 2019. This year, it increased its pledge to $15 billion through 2025, mostly with the aim of helping over 60,000 people and their families in purchasing a home.
As previously stated, Bank of America claims to have assisted 29,000 home buyers in purchasing their residences and has distributed $270 million in grants. Approximately 85% of those individuals are first-time homeowners.
There are two choices in the scheme. The Down Payment Grant initiative offers buyers 3% of the acquisition cost of a property, close to $10,000, towards a down payment, with no reimbursement necessary. More than 260 municipalities and counties have access to this funding.
In addition, America’s Home Grant scheme offers a lender credit of roughly around $7,500 for non-recurring closing expenditures. This could include title insurance, processing fees, or lessening a mortgage interest rate indefinitely. This funding is also not repaid and is accessible in 800 municipalities and counties.
Since both grants could be merged, qualified property buyers can eventually gain about $17,500 in down payment assistance. The scheme complements Bank of America’s commitment to improving equality, which includes an emphasis on trying to close the economic inequality in Black and Hispanic-Latino communities.
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Basic Requirements for the Bank of America Home Grant Program
- The owner should live in the house as his or her main residence.
- The lender credit cannot be used for a down payment, prepaid pieces, or maintenance fees like real estate taxes or general liability.
- There is currently no annual cap for properties situated in a low-to-moderate-income census tract (LMICT).
- The mortgage should be funded through Bank of America on a traditional, VA, FHA, or low-down-payment mortgage, including our Affordable Loan Solution® mortgage.
How to Apply for the Bank of America Home Grant Program
There are no detailed steps to guide interested individuals through the application process for this grant. Nevertheless, ensure that you visit the Bank of America Down Payment Center to look for schemes that you qualify for, such as America’s Home Grant as well as Down Payment Grant program (obtainable in limited areas), as well as other initiatives provided by state and local governments, charitable organizations, as well as business owners.
Just choose your state to hunt for schemes, and afterward talk to your financing specialist regarding other down payments as well as closing cost support alternatives.
Bank of America’s reasonably priced homeownership action plan assists low- and moderate-income persons to develop their homes.
Just choose your state to hunt for schemes that you might be able to qualify for, and afterward talk to your financing specialist regarding other down payments as well as closing cost support alternatives. If your state is not outlined, still ensure you inquire with your financing specialist regarding alternative down payment as well as closing cost options.