PROVIDENCE – Bank of America Corp. plans to triple the grants, low-interest loans and financial education programs for low- to moderate-income homebuyers, the bank recently announced in a news release.
The $15 billion investment in the Bank of America Community Homeownership Commitment aims to help 60,000 people across its 50 markets – including in Rhode Island – purchase homes by 2025, the release stated. The announcement builds upon the $5 billion program launched in 2019, which has helped more than 21,000 homebuyers purchase homes with affordable, low-interest loans and down payment and closing cost grants.
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The program includes a variety of financial incentives designed to help eligible prospective applicants cover costs associated with buying a home, including a down payment grant equal to 3% of the purchase price up to $10,000; a lender credit of up to $7,500 to cover nonrecurring closing costs or buy down the interest rate; and low down payment loans with low-cost or no mortgage insurance requirement.
Used together, these incentives give eligible recipients about $14,000 on average to help with their home purchase costs, the release stated.
The initiative also includes a series of online classes and a financial education platform designed to help prepare prospective homebuyers with the financial tools necessary to achieve their goals. The Bank of America Real Estate Center also has a database of closing cost and grant-eligible properties across the country, as well as information about homes for sale, property values, previous purchase prices and other relevant information.
Nancy Lavin is a PBN staff writer. You may reach her at Lavin@PBN.com.
