Bank of America has launched a new Down Payment Grant program in the Greater Baltimore region as part of their recent $5 billion commitment to help more than 20,000 individuals and families buy a home. Bank of America is committed to make owning a home affordable through the new grant program called the Community Homeownership Commitment.
Through the new Down Payment Grant program, Bank of America will give -no repayment necessary- eligible home buyers 3% of the home purchase price (up to $10,000) to be used for the down payment. This program is currently available with a single loan product. Bank of America hopes to expand the program soon.
Home buyers may also be eligible for the bank’s closing cost grant program, through which they could receive up to $7,500 toward non-recurring closing costs or, in some instances, to buy down their interest rate. Through Oct.31, Bank of America will wave the lender origination fee on the affordable loans they offer, which could mean a savings of approximately $1,000. Home buyers that are eligible for all of Bank of America’s affordable home ownership options could receive as much as $17,500 from the bank to help purchase a home.
For more information about Bank of America’s new Down Payment Grant program, visit their website.
Source: Bank of America