Bank of America $5 Billion Affordable Home ownership Initiative
December 26, 2019
Bank of America’s Community Home Ownership Commitment is a $5 billion affordable-homeownership initiative for low- to moderate-income homebuyers across the country.
Designed to help more than 20,000 individuals and families, the program includes a New Down Payment Grant which offers up to 3 percent of the purchase price of the primary residence (maximum $10,000) to be used for a down payment in select markets. The funds do not require repayment. (Grant program is not available with all mortgage products). Additionally, America’s Home Grant program offers a lender credit of up to $7,500 that can be used towards non-recurring closing costs, like title insurance and recording fees, or in certain circumstances, to permanently buy down the interest rate. The funds do not require repayment. Also available is the Affordable Loan Solution mortgage, a fixed-rate loan for modest-income borrowers that offers a competitive rate with a down payment as low as 3 percent and no mortgage insurance. Plus, the Freddie Mac Home Possible mortgage offers a fixed rate with a down pay-ment as low as 3 percent and low-cost mortgage insurance. Learn more about the available resources at bankofamerica.com/firsthome.