Bank of America extends Community Homeownership Commitment program

Bank of America will continue its Community Homeownership Commitment program after exceeding its original $15 billion goal for affordable home loans and grants. Launched in 2019, the program has provided more than $15 billion in affordable home loans, including more than $600 million in down payment and closing cost grants to more than 57,000 homebuyers nationwide. The initiative will shift from a time-limited program to an ongoing commitment because affordability challenges continue to affect prospective homebuyers. The program offers down payment and closing cost grants, low down payment mortgage options, and financial education resources for low- to moderate-income borrowers and first-time homebuyers. Eligible buyers in select markets can receive down payment grants up to $10,000 or 3% of the purchase price, and may qualify for up to $7,500 through America’s Home Grant. The bank partners with more than 300 HUD-certified housing counseling organizations and works with community down payment assistance programs and housing voucher providers. No new dollar target will be set despite reaching the original benchmark.

"Bank of America said Thursday that it will continue its Community Homeownership Commitment program after surpassing its original goal of delivering $15 billion in affordable home loans and grants. The program, launched in 2019, has provided more than $15 billion in affordable home loans. This total includes more than $600 million in down payment and closing cost grants to more than 57,000 homebuyers nationwide, the bank said."

"Bank of America said the initiative will now become an ongoing commitment rather than a time-limited program, as affordability challenges continue to weigh on prospective homebuyers. Affordability remains one of the biggest barriers to homeownership today, Matt Vernon, head of consumer lending at Bank of America, said in a statement. Continuing this commitment reflects years of focused work to help more people move from aspiration to ownership through responsible lending and targeted solutions, while recognizing that the challenges in today's housing market are ongoing."

"The program includes down payment and closing cost grants, low down payment mortgage options, and financial education resources aimed at low- to moderate-income borrowers and first-time homebuyers. Under the initiative, eligible buyers in select markets can receive down payment grants of up to $10,000, or 3% of the home purchase price, whichever is less. Borrowers may also qualify for up to $7,500 through the bank's America's Home Grant program to help cover eligible closing costs or reduce mortgage rates."

"Bank of America said it partners with more than 300 nonprofit, Department of Housing and Urban Development-certified housing counseling organizations nationwide to provide homebuyer education and counseling services. The bank also works with community down payment assistance programs and housing voucher providers to help buyers access additional resources. The lender said it is not establishing a new dollar target for the program despite reaching the original $15 billion bench"

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