How Bank of America is helping members of low- and moderate-income communities buy homes
Bank of America has established a $15 billion initiative to help Americans buy homes. So far, the company says it has helped 29,000 people reach that goal.
Because both grants can be combined, eligible home buyers can receive up to $17,500 in aid toward their purchases.The program coincides with Bank of America's efforts to advance racial equality, including a focus on closing the racial wealth gap among Black and Hispanic-Latino communities for affordable housing as well as other areas like jobs, small businesses and health care.
Despite a competitive housing market, data released by Bank of America this week demonstrated that first-time home buyers are not discouraged.Out of 2,000 adults surveyed who currently own a home or plan to own one in the future, 69% said the importance of homeownership has increased in the past year.
Meanwhile, 61% of first-generation homeowners said the importance of building equity has increased, versus 39% of non-first-generation homeowners.The market is competitive, so you definitely want to make sure you're pre-approved.AJ Barkleyhead of neighborhood and community lending at Bank of America headtopics.com
That's as rents for single-family homes were up 9.3% nationally in August over the prior year, according toCoreLogic.Buying a home can help stabilize monthly expenses through mortgage payments, said AJ Barkley, head of neighborhood and community lending at Bank of America.
The pandemic has also inspired prospective first-time buyers to seek more outdoor space, financial safety and security, as well as the opportunity to make their families proud, she said.The housing market will cool off and stabilize at some point, Barkley said.
Still, today's market shouldn't stop people who aspire to buy their first homes from preparing for that goal now, she said."Be ready when you are," Barkley said. "And when the programs and the homes are available, then you're available."
LWA/Dann Tardif/Blend Images | Getty ImagesFor would-be first-time home buyers who are in a good financial situation thanks to consistently saving and managing credit wisely, there can still be advantages to making that purchase in the near term, she said. headtopics.com
For those who want to buy farther out, now could be a good time to evaluate their finances and budgets and understand where their money is going.It also helps to do research as part of that preparation. There are thousands of grant programs available across the country, in addition to those that are sponsored by financial institutions, Barkley said.
Plus, by working with a financial institution to get pre-approved for a mortgage, which typically takes around 30 days to 45 days, prospective buyers can be ready when they find the home they want. Read more: CNBC »
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