Qualifying homebuyers have the chance to apply for grants worth up to $17,500 to go towards the purchase of a new home.
The Bank of America is offering two programs for those with a moderate income to be able to get a house.
The programs both combine down payment and closing cost assistance. They also require a low down payment mortgage.
The programs were created under the Bank of America Community Homeownership Commitment. This began is 2019.
The America’s Home Grant program grants $7,500 to be used towards closing costs or to lower the interest rate. It’s available in 260 cities and counties in the U.S.
The other program is called the Down Payment Grant program and gives consumers 3% of the home’s purchase price to be used as a down payment. This program offers up to $10,000.
Related: Homeowners can claim up to $30,000 in stimulus relief for their mortgages, here’s how
If a homebuyer was able to get both program grants, their total savings would be $17,500.
The second program is available in 800 cities and counties.
Both are grants, meaning no repayment is required.
30,000 people have benefitted from these grants, with 85% of them being first time homebuyers.
Related: Refinance your mortgage to collect $300 per month
How do I get these grants?
There is some eligibility criteria that needs to be met in order to get these grants. Though they differ between the two, Bank of America listed requirements on their website as:
- Being owner occupants
- Meeting income limitations
- Purchasing a home is specific locations
- Maximum income and loan amount limits apply
- The home loan needs to come from Bank of America
Bank of America may choose to change or discontinue the grant programs without notice.
Related: This is when you should not refinance a mortgage
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