Bank of America aims to boost homeownership, will give borrowers up to $10,000 to close a loan
Launches $5 billion affordable homeownership initiative
Bank of America is committing $5 billion to help boost homeownership for “low- to moderate-income and multicultural homebuyers and communities” across the country, the bank announced Tuesday.
According to the bank, it plans to commit an additional $5 billion over the next five years to its Bank of America Neighborhood Solutions program, which “will help more than 20,000 individuals and families thrive through the power of homeownership.”
And as part of the program, Bank of America is rolling out a host of new loan programs and options, including grants of as much as $10,000 to help a borrower close a loan.
One of the new options in the Neighborhood Solutions program, which is set to launch in the second quarter, will see the bank giving “eligible borrowers” as much as $10,000 that can be used toward their down payment or closing costs when they get a Freddie Mac Home Possible mortgage.
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Suraj Shrestha is an associate at Harborside Partners. He has been taking the lead role on research projects; to develop and implement online marketing strategies for search engine optimization and social media marketing. He is one of the core parts for helping to grow business revenue and the company’s online presence.