Bank of America issued the following announcement on Dec. 1.
Bank of America has launched a new feature within the Bank of America Real Estate Center® that identifies properties for sale that may be eligible for down payment and closing cost grants offered by the company. The new feature labels properties for which prospective buyers may be eligible to receive up to $17,500 through Bank of America’s proprietary Down Payment Grant and America’s Home Grant® programs. There have been more than 15.6 million home searches on the Real Estate Center website from January through October.
“We know that our clients want the power to own a home, but affording one can be a challenge for many. One way we’re helping is through our affordable homeownership solutions and professional resources, which are designed to make sustainable homeownership possible. Our Real Estate Center now makes home shopping even easier, especially for grant-eligible borrowers,” said AJ Barkley, Neighborhood Lending executive for Bank of America.
The grants are a key part of the Bank of America Community Homeownership Commitment™, launched in April 2019 to help address the challenges prospective homebuyers face in affording homes. Available to eligible borrowers who meet income and other requirements, the innovative program includes low down payment mortgages, down payment and closing cost grants, financial education tools, and partnerships with community-based housing counseling agencies. To date, thousands of clients have taken advantage of these programs, receiving an average of $12,000 toward the purchase of a home.
- Eligible homebuyers can receive 3% of the home purchase price up to $10,000 (whichever is less) via the Down Payment Grant. This year, Bank of America expanded the availability of its Down Payment Grant to 20 additional markets, bringing the total to more than 260 cities and counties nationwide.
- Future homebuyers may also be eligible to receive up to $7,500 through America’s Home Grant®, available in nearly 800 cities and counties nationwide, to be used for non-recurring closing costs or to buy down interest rates.
“The Real Estate Center’s online and mobile designs include walkability scores and school information about specific neighborhoods so future buyers can understand how a property will fit their personal needs,” said John Schleck, Bank of America Centralized and Online Consumer Lending executive.
Bank of America Consumer Lending
Bank of America Consumer Lending helps clients build pathways to home and car ownership, providing access to credit to meet a broad range of financing needs including mortgages for home purchase or refinance, home equity lines of credit, vehicle loans, and a wide variety of credit cards. Bank of America delivers a distinctive client experience through:
- Award-winning digital tools and resources, including the Digital Mortgage Experience, Digital Car Shopping tool, and Real Estate Center. Clients can search for cars or up-to-date listings for grant-eligible homes; request mortgage preapproval or prequalification; and apply for loans and credit cards.
- An industry-leading Preferred Rewards program, which includes lending benefits and rewards that increase as qualifying savings and investments grow.
- A Community Homeownership Commitment that helps low-to-moderate-income individuals and families achieve sustainable, affordable homeownership through solutions and resources, including available down payment and closing cost grants.
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