{"id":18016,"date":"2021-11-08T10:12:08","date_gmt":"2021-11-08T16:12:08","guid":{"rendered":"https:\/\/theamericangenius.com\/housing\/?p=18016"},"modified":"2021-11-08T10:58:17","modified_gmt":"2021-11-08T16:58:17","slug":"bank-of-america-helps-income-restricted-homebuyers-with-5b-program","status":"publish","type":"post","link":"https:\/\/theamericangenius.com\/housing\/homeownership\/bank-of-america-helps-income-restricted-homebuyers-with-5b-program\/","title":{"rendered":"Bank of America helps income-restricted homebuyers with $5B program"},"content":{"rendered":"

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\u00ae started in 2019 with $5 billion.<\/p>\n

According to the press release<\/span><\/a>, 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.<\/p>\n

Bank of America\u2019s grant programs <\/span><\/span><\/strong><\/p>\n

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.<\/p>\n

\u2022 <\/span>Down Payment grants \u2013 eligible homebuyers can receive 3% of the home\u2019s purchase price up to $10,000 (whichever is less) toward the purchase of their home.<\/div>\n
\u2022 <\/span>America\u2019s Home Grant\u00ae program \u2013 credit towards closing costs of up to $7500 or to buy down the interest rate.<\/div>\n

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.<\/p>\n

Homeownership is the American dream <\/a><\/span><\/span><\/strong><\/p>\n

Maya Angelou said, \u201cThe ache for home lives in all of us, the safe place where we can go as we are and not be questioned.\u201d Homeownership doesn\u2019t just benefit families, it benefits communities. Bank of America isn\u2019t the first financial institution to offer programs to help homebuyers with down payments and closing costs.<\/p>\n

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.<\/p>\n","protected":false},"excerpt":{"rendered":"

(HOMEOWNERSHIP) Bank of America is offering assistance to low to moderate-income homebuyers by reducing their mortgage and upfront home-buying costs.<\/p>\n","protected":false},"author":337267,"featured_media":18021,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"wds_primary_category":0,"footnotes":"","jetpack_post_was_ever_published":false,"_links_to":"","_links_to_target":""},"categories":[602],"tags":[466,494,2241,323,1234],"class_list":["post-18016","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-homeownership","tag-bank-of-america","tag-first-time-buyers","tag-grant-programs","tag-homeownership","tag-real-estate-news"],"jetpack_featured_media_url":"https:\/\/theamericangenius.com\/housing\/wp-content\/uploads\/sites\/2\/2021\/11\/BOA.jpg","jetpack_sharing_enabled":true,"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/18016","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/users\/337267"}],"replies":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/comments?post=18016"}],"version-history":[{"count":5,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/18016\/revisions"}],"predecessor-version":[{"id":18024,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/posts\/18016\/revisions\/18024"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media\/18021"}],"wp:attachment":[{"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/media?parent=18016"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/categories?post=18016"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/theamericangenius.com\/housing\/wp-json\/wp\/v2\/tags?post=18016"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}