NNPA NEWSWIRE — The new Bank of America program includes down payment and closing cost assistance; innovative low down payment mortgages; grants that can be applied to non-recurring closing costs; a national network of lending professionals; easy-to-understand financial education tools; strategic partnerships with real estate professionals; and a national network of knowledgeable affordable housing nonprofit partners who provide in-depth homebuyer education and counseling.
Bank of America officials have spent the past few months asking their customers and clients a simple question – what would you like to have the power to do?
“For many, the goal is to own a home and saving up for a down payment is the biggest barrier for anyone to buy a home,” said Richard Winter, the vice president and Area Lending Manager for Bank of America’s Baltimore region.
The banking giant has committed to removing that barrier with the announcement of a new $5 billion affordable homeownership initiative for low-to-moderate-income and multicultural homebuyers across the country.
“Our commitment to affordable and responsible homeownership is greater than ever, with half of our loans going to low- to moderate-income or multicultural families and communities,” D. Steve Boland, head of consumer lending at Bank of America, said in a statement.