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GRANT programs are available to offer qualifying home buyers up to $17,500. "The market is competitive, so you definitely want to make sure you're pre-approved because it could take longer if there are competing offers, which we're seeing a lot of," Barkley said. The pandemic has also inspired prospective first-time buyers to seek more outdoor space, financial safety and security, as well as the opportunity to make their families proud, she said.
We partner with nonprofits and professionals to provide holistic assistance to our customers. Our Connect to Own® alliance trains and educates first-time homebuyers. Plus, we make real estate and housing counseling specialists available to help people make good choices.
Bank of America
We understand that buying a home is big decision and it may seem more complex now than you originally expected. That’s why we created this edu-series so you can easily access free tools and Better Money Habits® content to plan and prepare for your journey. This edu-series is designed to help you learn about Affordable Home Buying Solutions to help you get closer to buying a home of your own. If you’re watching this, you’re maybe trying to figure out how to buy your first home. You might be concerned that you don’t have enough saved for a down payment or that you need perfect credit to be considered for a mortgage. The Wall Street bank's efforts come as research has shown how difficult it can be for minority individuals and families to become homeowners.
For would-be first-time home buyers who are in a good financial situation thanks to consistently saving and managing credit wisely, there can still be advantages to making that purchase in the near term, she said. Because both grants can be combined, eligible home buyers can receive up to $17,500 in aid toward their purchases. Bank of America is working to help people become first-time homeowners through an initiative targeting low- and moderate-income communities. If you have an FHA loan and are worried about foreclosure, this program offers alternatives for settling your mortgage debt. If you're struggling with your Bank of America home equity loan or line of credit payments, there may be options to change the terms to achieve more affordable payments. Before applying, applicants must complete a homebuyer certification course provided by housing counseling partners approved by Bank of America and the Department of Housing and Urban Development.
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This online lender offers joint applications, no fees and a wide range of loan amounts — up to $100,000. You must have good credit to qualify, but a short credit history won’t necessarily mean rejection. But unlike LightStream, there is a preapproval process so you can check your rate before you submit a full application. The most unique feature about this program are the credit guidelines. Normally, home buyers need a 620+ credit score but Bank of America’s program is based on factors such as timely rent, utility bill, phone and auto insurance payments. If so, you may be wondering how you can do this without having to save up for a down payment.
If you opt out, though, you may still receive generic advertising. In addition, financial advisors/Client Managers may continue to use information collected online to provide product and service information in accordance with account agreements. If you are looking to purchase a home of your own, Bank of America’s home ownership solutions may be just what can help you get started. By combining down payment assistance and closing costs, you may find that a new home is within reach. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review the Bank of America Online Privacy Notice and our Online Privacy FAQs. Customers will find online resources to become more financially fluent, establish or rehabilitate their credit and prepare for homeownership when it makes sense for them.
Bank of America Interest Checking®
A qualifying direct deposit is a recurring direct deposit of a paycheck, pension, Social Security or other eligible regular monthly income, electronically deposited by an employer or an outside agency into your new checking account. Please note, this does not include a transfer done via ATM, online, or teller, or a transfer from a bank or brokerage account, Merrill Edge® or Merrill Lynch® account. Please select your location to learn about all programs that may be available in your state and/or local area. The Homeowner Assistance Fund is a new federal program to help homeowners impacted by the coronavirus catch up on their overdue bills and remain in their homes. A large majority of states are running this program through their state’s housing finance agency .
And, to make the home buying process easier to navigate, we looked to the NAACP’s Responsible Lending Principles to create financial documents that use easy-to-understand language. Online, we offer helpful articles, information and videos. At locations across the country and over the phone, we provide personal support, including financial fitness workshops.
Homebuyer grants
All of this is the result of federal and state policies that continually prevent access to financial resources that would help, leaving fewer economic opportunities for Black/Latinx households to fall back on when a crisis hits. A recent report from LendingTree TREE found the mortgage denial rate for Black borrowers is twice that of the overall population. If Black homeownership matched white homeownership, Black wealth would increase by almost $40,000, bridging racial wealth inequality by about 30%. In 2064, the average white family will likely possess $2,782,727 in wealth while the average Black family wealth will be $789,164, according to a report by Elliott and Abacus Wealth Partners, that’s an astonishing 70% disparity. Through these programs, Bank of America claims to have helped nearly 30,000 folks buy homes, with 85% of those being first-time home buyers.
Wells Fargo provides five-year forgivable down payment loans through its NeighborhoodLIFT program to home buyers who live in designated areas and fall under certain income limits. JP Morgan Chase this year expanded its $5,000 grant program to help cover down payments and closing costs in minority neighborhoods around the country. PNC is also offering Closing Cost Assistance Grants that give eligible home buyers credits of up to $5,000. To date, two-thirds of the loans and grants made through the Community Homeownership Commitment has helped multicultural clients to achieve homeownership. Bank of America separately has made a $15 billion community homeownership commitment to help individuals and families purchase affordable homes by 2025. The program includes affordable mortgages, grants and educational opportunities.
Trust and fiduciary services are provided by Bank of America Private Bank, a division of Bank of America, N.A., Member FDIC, and a wholly-owned subsidiary of Bank of America Corporation (“BofA Corp.”). Insurance and annuity products are offered through Merrill Lynch Life Agency Inc. (“MLLA”), a licensed insurance agency and wholly-owned subsidiary of BofA Corp. Also, if you opt out of online behavioral advertising, you may still see ads when you log in to your account, for example through Online Banking or MyMerrill. You understand that you are not required to consent to receiving autodialed calls/texts as a condition of purchasing any Bank of America products or services. Any cellular/mobile telephone number you provide may incur charges from your mobile service provider.
To date, the program has helped more than 36,000 individuals and families become homeowners. Two-thirds of the program's loans and grants made through the program have helped multicultural clients become homeowners, according to the firm. Down payment and/or closing cost assistance programs may not be available in your area. Down payment and/or closing cost assistance amount may be due upon sale, refinance, transfer, repayment of the loan, or if the senior mortgage is assumed during the term of the loan. Some programs require repayment with interest and borrowers should become fully informed prior to closing. Sales price restrictions and income requirements may apply.
It’s important to eliminate the housing wealth gap since homeownership is typically the top asset through which wealth can be derived, according to the Brookings Institute. Lee lauded the lenders’ grant programs, calling them necessary in places like the Inland Empire. The Down Payment Grant program offers 3% of the home purchase price to be used as a down payment in certain areas. It also helps to do research as part of that preparation. There are thousands of grant programs available across the country, in addition to those that are sponsored by financial institutions, Barkley said.
Bank of America Down Payment Center – site to help homebuyers find state and local down payment and closing cost assistance programs in their area. Bank of America participates in more than 1,300 state and local down payment and closing cost assistance programs. “The benefits of this program will be significant in the Inland Empire,” said John Loyacono, the area lending manager for Bank of America’s operations on the west side of Los Angeles. According to the bank’s research, 69% of all prospective buyers say down payments and closing costs are the biggest barriers to homeownership.
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