Bank of America is bringing its new Down Payment Grant program to Southern California as part of its recent $5 billion commitment to help more than 20,000 individuals and families buy a home. The new program and existing offerings are together called the Community Homeownership Commitment.
– Through the new Down Payment Grant program, the bank will give – no repayment necessary – eligible homebuyers three percent of the home purchase price (up to $10,000) to be used for a down payment. The grant program is limited to one specific mortgage product.
– Plus, qualified homebuyers may also be eligible for the bank’s closing cost grant program, a lender credit through which they could receive up to $7,500 toward non-recurring closing costs or, in some instances, to buy down their interest rate.
– And, through Oct. 31, 2019, the bank is waiving the lender origination fee on Freddie Mac Home Possible®, FHA, VA or Affordable Loan Solution® loans, which could mean a savings of approximately $1,000, depending on the situation.
This means eligible homebuyers in Los Angeles, Orange County, and the Inland Empire could receive as much as $17,500 to help them purchase a home. There are restrictions, such as the property must be owner-occupied, so a Bank of America lending specialist can help interested homebuyers determine their eligibility.
- WHY: While many people today can afford a monthly mortgage payment, the upfront costs of homeownership can be a challenge. In fact, 69 percent of prospective homeowners say the biggest barrier to homeownership is saving enough money for a down payment and closing costs, according to Bank of America’s Homebuyer Insights Report. Now, Bank of America is helping them get over this hurdle.
For more information on Bank of America’s Community Homeownership Commitment, Sentinel readers may contact Telebah Woods, local SVP of Consumer Lending at (323) 313-2942.
