Banking & Finance

Savannah Business Journal Staff Report
July 10, 2019 - Bank of America is bringing its new Down Payment Grant program to Savannah as part of its recent $5 billion commitment to help more than 20,000 individuals and families buy a home. The new program and existing offerings are together called the Community Homeownership Commitment.

• Through the new Down Payment Grant program, the bank will give – no repayment necessary – eligible homebuyers 3% of the home purchase price (up to $10,000) to be used for a down payment. The grant program is limited to one specific mortgage product.
• Plus, qualified homebuyers may also be eligible for the bank’s closing cost grant program, a lender credit through which they could receive up to $7,500 toward non-recurring closing costs or, in some instances, to buy down their interest rate.
• And, through Oct. 31, 2019, the bank is waiving the lender origination fee on Freddie Mac Home Possible®, FHA, VA or Affordable Loan Solution® loans, which could mean a savings of approximately $1,000, depending on the situation. 

This means eligible homebuyers in Savannah could receive as much as $17,500 to help them purchase a home. There are restrictions, so a Bank of America lending specialist can help interested homebuyers determine their eligibility.
 
While many people today can afford a monthly mortgage payment, the upfront costs of homeownership can be a challenge. In fact, 69% of prospective homeowners say the biggest barrier to homeownership is saving enough money for a down payment and closing costs, according to Bank of America’s Homebuyer Insights Report. Now, Bank of America is helping them get over this hurdle.

These programs can be a great benefit for local homebuyers, but buying a home can be a confusing process with many things to consider. Interested homebuyers can visit bankofamerica.com/firsthome for more information or connect directly with a lending specialist who can explain the programs in more detail and help them determine their eligibility.