If you've ever dreamed of owning your own home in the United States, Bank of America has news that can make it a reality. The entity offers mortgage programs with very favorable conditions for those who wish to buy a home.
These programs are designed to facilitate access to ownership, especially for first-time buyers and communities with low or moderate incomes.
What Bank of America offers you to fulfill your dream: Affordable Loan Solution
Bank of America has launched the Homeownership Program, an initiative that aims to help more than 60,000 people and families become homeowners by 2025. This program includes mortgages with low down payments, grants for down payments and closing costs, and educational resources to guide buyers through every step of the process.
One of the most notable options is the Affordable Loan Solution® mortgage, which requires a down payment of only 3% of the home's purchase price. Additionally, it offers competitive interest rates and doesn't require private mortgage insurance. This mortgage is available for first-time homebuyers and those with low or moderate incomes.
Grant programs to combine with the mortgage
Bank of America also offers two grant programs that can be combined with the Affordable Loan Solution® mortgage. The down payment grant provides up to 3% of the home's purchase price or up to $10,000, whichever is less, for the down payment. These funds do not require repayment.
America's Home Grant® offers up to $7,500 to cover non-recurring closing costs or to permanently reduce the interest rate. These funds also do not require repayment.
Pay attention to the Community Affordable Loan Solution
This program is aimed at first-time homebuyers in African American and Hispanic-Latino communities in cities like Charlotte, Dallas, Detroit, Los Angeles, and Miami. It offers a mortgage with no down payment, no closing costs, and no mortgage insurance.
Eligibility is based on income and the location of the home, and no minimum credit score is required. Applicants must complete a homebuyer certification course provided by Bank of America and partners approved by the U.S. Department of Housing and Urban Development (HUD).
How can you take advantage of these opportunities?
To get started, you can visit Bank of America's website and use their online prequalification tool to estimate how much you could borrow. Additionally, they offer a series of free educational videos in Spanish, called Edu-Serie en Línea para Comprar Casa por Primera Vez, guiding you through the home buying process.
If you're ready to take the next step, you can schedule an appointment with a Bank of America mortgage loan specialist by calling 1-800-641-8362. Remember that every situation is unique, so it's important to get personalized advice to find the option that best suits your needs.