U.S. Economy, Real Estate, Home Sales, Housing, Housing Rental, Affordable And Low İncome Housing, Housing Vacancies And Homeownership, Personal Debt, Personal Spending, Mortgages, Mortgage Rates, Bank Of America Corp

U.S. Economy, Real Estate

Buying a home is a goal for many Americans. How this bank is helping members of low- and moderate-income communities achieve that

How Bank of America is helping members of low- and moderate-income communities buy homes

10/22/2021 4:39:00 PM

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.

BTS Wins 3 Awards at 2021 People’s Choice Awards: Full List of Winners Parents knowingly sent their child to school after they tested positive for Covid-19. 75 classmates were forced to quarantine What you missed on ABC's live version of 'Facts of Life' and 'Diff'rent Strokes'

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

Inside one major police department's effort to prevent Taser mistakes Rep. Omar on calls for ‘condemnation and punishment’ for Lauren Boebert’s racist, anti-Muslim comments Florida Planning To Feed Starving Manatees In New Trial Program

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 »

WATCH: Friendly Dog Meets Curious Mountain Lion Face to Face at Colorado Backyard Door

Sarah Bole filmed her dog's close encounter with a big cat at the back door of her Grand Lake, Colorado home.

Selena Gomez and Coldplay\u2019s \u2018Let Somebody Go\u2019 Has Brutal Lyrics About HeartbreakSelena Gomez and Coldplay's ‘Let Somebody Go’ Has Brutal Lyrics About Heartbreak

Dorinda Medley teases visit from former 'Housewives' and shares Halloween party tipsThe reality star wants to help you make things nice at home this Halloween. The whole RealHousewives franchise scares me...hide their booze

17 'Harry Potter' Opinions That Are Pretty Unpopular, But Have Probably Crossed Your Mind TooI solemnly swear that I am up to no good. You know who else I thought was weird? Mr. Curtain from that show, the Mysterious Benedict Society.

Selena Gomez and Coldplay\u2019s \u2018Let Somebody Go\u2019 Has Brutal Lyrics About HeartbreakSelena Gomez and Coldplay's ‘Let Somebody Go’ Has Brutal Lyrics About Heartbreak song of the year mex_tt 😍

CMS Launches Webpage to Share Innovative State Actions to Expand Medicaid Home and Community-based ServicesToday, CMSGov launched a new webpage so states & stakeholders will have a dedicated space to find information about increasing Medicaid Home and Community-Based Services funding under the American Rescue Plan.

I Am Very Charmed By Cardi B and Penn Badgley Being Star-Struck By One Another'I'm famous famous,' tweeted the already very famous Cardi B after watching an old clip of Badgley referencing her. Both love to drg ppl Cardiisshook Right...We just loving their interactions