There are grant programs offering up to $17,500 to help qualified Americans buy homes.
The Bank of America offers these programs in over 800 cities and counties.
What are the grants?
The programs offering grants to buy homes are a part of the Bank of America Community Homeownership Commitment, which started in 2019. The programs are available in over 800 cities and counties.
The Mayor of Fresno, California, Jerry Dyer, announced their own partnership with the bank. Grants do not have to be paid back and now they will be given to Fresno area buyers. The money can be used to help cover upfront costs.
America’s Home Grant program offers $7,500 that may be used for non-recurring closing costs or to buy down the interest rate.
The Down Payment Grant program offers a grant for up to 3% of the home purchase price. This can be used as the down payment in certain areas. This program will grant up to $10,000. That brings the total money available to $17,500 under both programs.
Bank of America has claimed that through these programs they have helped nearly 30,000 folks buy homes, with 85% of those being first-time home buyers.
Who is eligible?
You need to meet certain requirements to be considered eligible. There are some different criteria for each grant, but Bank of America has provided some requirements:
- Being owner occupants
- Meeting certain income limitations
- Purchasing a home within a certain geographical area
- Minimum combined loan-to-value must be greater than or equal to 80%
- Maximum income and loan amount limits apply
- The home loan must fund with Bank of America
- Bank of America may change or discontinue these two grant programs or any portion of them without notice
If you want to know if these programs are available in your area, select your state on Bank of America’s Down Payment Center.