There are hundreds of millions of dollars available across the country through homebuyer programs. These homebuyer assistance programs include down payment and closing cost assistance, affordable first mortgages, rehab loans, and first time homebuyer down payment assistance.
Bank of America, through a partnership with Workforce Resource, is making it easier for consumers to find down payment assistance programs through a new web-based tool. Bank of America’s “Down Payment Resource™” will guide consumers to down payment and closing cost assistance programs available in their region.
“Taking a few minutes to answer fewer than five questions can get you one step closer to homeownership. Through a simple process, you can find out immediately which federal, state or local down payment and closing cost programs you might be eligible for,” said Dottie Sheppick, senior vice president of Affordable Housing for Bank of America. “With a wide variety of qualifying criteria, there may be a down payment assistance program for you.”
Bank of America recently conducted a survey with first-time homebuyers and about half of respondents indicated affordability was a barrier to purchasing a home. In addition, 70 percent of adults in the U.S. said they were unfamiliar with down payment assistance programs for middle-income homebuyers in their community, according to a NeighborWorks America survey.
“Lack of funds for a down payment has long been one of the most common barriers to buying a home,” said Rob Chrane, president and CEO of Down Payment Resource. “Many buyers assume down payment programs offered by state and local housing authorities are only for lower-income candidates, but there are programs available for middle-income buyers, too. In fact, there are programs that cover a variety of non-income-based eligibility criteria, and every homebuyer concerned about affordability should investigate down payment assistance.”
How it Works
Consumers can go to the Bank of America Down Payment Resource Center to search a database of more than 1,300 down payment and closing cost assistance programs. Start the search for programs in your area by entering street address, zip code, city or county information for the neighborhood you are interested in purchasing property.
It is a simple and direct way to find out if you may qualify for federal, state or local down payment and closing cost programs that can help you buy your first home.