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MLPF&S is a registered broker-dealer, registered investment adviser, MemberSIPCand a wholly owned subsidiary of BofA Corp. Bank of America Real Estate Center – site to help homebuyers find properties with flags to identify properties that may qualify for Bank of America grant programs and Community Affordable Loan Solution™. MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp.
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.
Bank of America Interest Checking®
When you visit these sites, you are agreeing to all of their terms of use, including their privacy and security policies. Whether we’re working with a first-time buyer or a current homeowner, our home loan specialists strive to help each client identify the right home finance solution. We provide a mix of convenient technology and one-on-one guidance that helps each individual or family make informed, responsible decisions. All of our content is authored by highly qualified professionals and edited by subject matter experts, who ensure everything we publish is objective, accurate and trustworthy. Information and application forms are available from lending specialists at any Bank of America office, Loyacono 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.
Resources for underserved groups
In research from earlier this year, the National Association of Realtors found the homeownership rate for Black Americans is almost 30 percentage points lower than white Americans. A recent report from LendingTree found the mortgage denial rate for Black borrowers is twice that of the overall population. The program — called the Community Affordable Loan Solution — will be available to certain markets including majority Black and/or Hispanic/Latino neighborhoods, in Charlotte, North Carolina; Dallas; Detroit; Los Angeles; and Miami. Visit the Bank of America Real Estate Center®to search for specific homes that may qualify for America's Home Grant® and Down Payment Grant programs. Pre-qualification is neither pre-approval nor a commitment to lend; you must submit additional information for review and approval.
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.
Mortgage Rates & Loans open
The Balance Assist loan allows you to borrow up to $500 for a $5 fee. It is similar to small loans offered by federal credit unions. But unlike traditional personal loans, it is not flexible and won’t be useful for covering large expenses. Bank of America does not have a history of offering personal loans.
However, first-time home buyers made up just 28% of those transactions, the lowest it has been since July 2015. Bank of America is launching new zero down payment, zero closing cost mortgage products to help members of predominantly minority communities buy their first homes. Your receipt of this material does not mean you have been prequalified or pre-approved for any product or service we offer. This is not a commitment to lend; you must submit additional information for review and approval. Also, if you opt out of online behavioral advertising, you may still see ads when you sign in to your account, for example through Online Banking or MyMerrill. These ads are based on your specific account relationships with us.
Bank of America launches zero down payment mortgages to help minorities buy their first homes — here's who can apply
The market is competitive, so you definitely want to make sure you're pre-approved. Out of 2,000 adults surveyed who currently own a home or plan to own one in the future, 69% said the importance of homeownership has increased in the past year. Even as prices for homes soar, the American Dream of owning a home is still alive and well. After offer is accepted, you'll likely have a private inspection on the program. The purpose is so you can become more familiar with the property.
The first video in the series is about a client who connected with a Bank of America Lending Specialist to gain the knowledge he needed to overcome his hurdles to buying a home and how he and his family have settled into their new home. "Bank of America" is the marketing name for the global banking and global markets business of Bank of America Corporation. BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. To build borrowers’ financial literacy, we offer in-person training and online resources, like the content on our Better Money Habits® site. We have simple, transparent financial documents as well as online tools that make the mortgage process more convenient.
For example, we created a guide to help clients on our Home Loans website outlining all of our financial education initiatives for homebuyers and homeowners. We strive to provide you with information about products and services you might find interesting and useful. Relationship-based ads and online behavioral advertising help us do that.
At Bankrate we strive to help you make smarter financial decisions. While we adhere to stricteditorial integrity, this post may contain references to products from our partners. We are an independent, advertising-supported comparison service. Unfortunately, houses in Black communities are worth less than 50% of homes in white communities, further perpetuating the inequality that prevents People of Color from building stable economic security.
We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Founded in 1976, Bankrate has a long track record of helping people make smart financial choices. We’ve maintained this reputation for over four decades by demystifying the financial decision-making process and giving people confidence in which actions to take next. Other banking institutions have similar programs, including Wells Fargo, JP Morgan Chase, PNC, and more. In order to receive these grants, you must meet certain eligibility requirements.
It may be a surprise to you to learn that Bank of America has recently launched a no money down, no closing costs mortgage program. In this blog post, we will discuss Bank of America's Affordable Home Solution program and the process to purchase a home without any money down. You’ll find resources that may lower your down payment and closing costs so that homeownership could be within reach.
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