Bank of America (NYSE: BAC) announced a new $5 billion commitment to help more than 20,000 homebuyers across the country, including this region, afford their closing costs.
The five-year Community Homeownership Commitment will provide up to $17,500 to qualified buyers in certain cities, including D.C. Eligible homebuyers can earn as much as 3% of the home purchase price, or up to $10,000, for a down payment. Bank of America’s closing costs grant program offers up to $7,500 for nonrecurring costs.
The new program follows the banking company’s own 2019 homebuyer report, which found that while 59% of prospective clients between the ages of 18 and 23 want to buy a house in the next five years, 66% say their biggest obstacle is paying for the down payment and closing costs. As homebuyers get older, these extra costs become more significant: 69% of millennials, 72% of Generation X buyers and 74% of baby boomers identified saving for a down payment as a main problem in becoming an owner,…Read the full story from the Washington Business Journal.