Banking & Finance

July 10 - Bank of America Offers Grants to Make Homeownership More Affordable in Savannah

Category: 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.

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 for more information or connect directly with a lending specialist who can explain the programs in more detail and help them determine their eligibility.

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