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Homeownership

Bank of America helps income-restricted homebuyers with $5B program

(HOMEOWNERSHIP) Bank of America is offering assistance to low to moderate-income homebuyers by reducing their mortgage and upfront home-buying costs.

Front of Bank of America location

The Bank of America announced that it is expanding its affordable homeownership initiative to help low to moderate-income homebuyers find their dream home. The Bank of America Community Homeownership Commitment® started in 2019 with $5 billion.

According to the press release, the program has already helped almost 21,000 individuals and families purchase homes by helping with down payments and closing costs through grants. When combined with other programs designed to help first-time homebuyers, the upfront costs of owning a home are significantly reduced. This information is beneficial for Realtors working with first-time or low to moderate-income homebuyers and can help provide more options for this clientele.

Bank of America’s grant programs

Bank of America features two grant programs to help homebuyers. Grants do not require repayment, giving homebuyers with lower incomes a foot in the door.

Down Payment grants – eligible homebuyers can receive 3% of the home’s purchase price up to $10,000 (whichever is less) toward the purchase of their home.
America’s Home Grant® program – credit towards closing costs of up to $7500 or to buy down the interest rate.

According to Bank of America, these two grant programs can be used together. The average homebuyer receives about $14,000 toward their home purchase, but some can receive up to $17,500 towards their dream home.

Homeownership is the American dream

Maya Angelou said, “The ache for home lives in all of us, the safe place where we can go as we are and not be questioned.” Homeownership doesn’t just benefit families, it benefits communities. Bank of America isn’t the first financial institution to offer programs to help homebuyers with down payments and closing costs.

The housing market might be competitive right now, but homebuyers can still find houses where they can set down roots. It pays to look around for options to help low- to moderate-income shoppers find resources that assist them in reducing their mortgage and homebuying costs.

Dawn Brotherton is a Sr. Staff Writer at The American Genius with an MFA in Creative Writing from the University of Central Oklahoma. She is an experienced business writer with over 10 years of experience in SEO and content creation. Since 2017, she has earned $60K+ in grant writing for a local community center, which assists disadvantaged adults in the area.

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