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Fournier Law Blog

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Generous Incentives Available for Home Buyers

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Before deciding to purchase a home, it would be wise to research incentive programs offered by lenders; programs can offer qualified home buyers a few thousand dollars to put toward down payments, closing costs, and other fees associated with purchasing a home.

An article published by Housing Wire details a program offered by Bank of America which, according to reporter Ben Lane, can provide as much as $10,000 to a borrower.   In fact, the article states, “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.” 

Their Neighborhood Solutions program can provide up to $10,000 to qualified borrowers to apply toward closing costs.   Additionally, the America’s Home Grant program is being expanded to offer lender credits up to $7500.  These are funds that the bank is not requiring be repaid by the borrower. 

In additional to credits towards purchase, buyers can look for competitive mortgage rates and low down payment requirements geared toward low and moderate income borrowers.  According to D. Steve Boland, head of consumer lending at Bank of America. “We know many of our clients want the power to own their first home, which can sometimes be challenging. One of the ways we’re helping is through our suite of affordable homeownership solutions and professional resources, which aid them in overcoming barriers and put sustainable homeownership within reach.”

Read the entire article.

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