Grant programs are available to offer up to $17,500 to qualified home buyers.
Bank of America is offering two homes grant program To help people with modest income to buy their own house.
The program, which can be combined if eligible, aims to combine down payment and closing cost assistance with a low down payment mortgage, according to the company.
These programs are part of the Bank of America Community Homeownership Commitment, which began in 2019.
This program is available in over 800 cities and counties.
Indeed, Fresno Mayor Jerry Dyer, california announced its partnership with the Bank.
“They offer two non-refundable grants to help Fresno area buyers overcome the biggest hurdle of home ownership – upfront costs, specifically the down payment and closing costs,” Mr. Dyer said.
America’s Home Grant Program offers $7,500 that can be used to cover non-recurring closing costs or to reduce interest rates.
The Down Payment Grant Program provides a grant of up to 3% of the home purchase price, which can be used as a down payment in select areas.
Up to $10,000 can be given through that program, bringing the total potential amount to $17,500.
This program is available in approximately 260 cities and counties.
None of these grants require repayment.
Through these programs, Bank of America claims to have helped nearly 30,000 people buy homes, 85% of whom first time home buyers,
Who is eligible and are there any restrictions?
To receive these grants, you must meet certain eligibility requirements.
While the criteria are different for each grant, Bank of America provides certain requirements:
- being the owner
- meet certain income limits
- Buying a Home in a Certain Geographical Area
- Minimum combined loan-to-value must be greater than or equal to 80%
- Maximum income and loan amount limits applicable
- Home loan needs to be deposited with Bank of America
- Bank of America may change or discontinue these two grant programs or any part thereof without notice
The bank also said that these grants are not always available and inquired for details.
To see if programs are available in your area, you’ll need to select your state under Bank of America Down Payment Center.
“Connect with your loan specialist about other down payment assistance and closing cost assistance options,” the bank said.
“If your state is not listed, please ask your loan specialist about other down payment and closing cost options.”
Other Down Payment Assistance Programs
Bank of America offers additional down payment assistance programs including Affordable Loan Solution Mortgage and Freddie Mac’s Home Possible Mortgage.
With these programs, the down payment is as low as 3%.
Other banking institutions have similar programs, including Wells Fargo, JPMorgan Chase, PNC, and more.
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