Bank of America triples affordable homeownership pledge to $15B

Dated: February 4 2021

Views: 188

Lender aims to help more than 60,000 low- and moderate-income homebuyers with low down payment mortgages, as well as down payment and closing cost grants.

Bank of America is tripling the amount of money it’s dedicating to help low- and moderate-income borrowers purchase homes to $15 billion through 2025, the mortgage giant announced Wednesday.

In 2019, the bank launched an affordable homeownership initiative, called the Community Homeownership Commitment, pledging $5 billion over the next five years with the goal of assisting more than 20,000 individuals and families buy homes.

D. Steve Boland

Because of low interest rates and sky-high demand resulting in a booming mortgage market, BofA was able to meet that goal early, President of Retail D. Steve Boland told Reuters.

“I’m pleased to say that we’ve gotten a lot further than that and we already have done over $5 billion to help create 21,000 new homeowners to the commitment,”  Boland said.

Now, the lender is adding an additional $10 billion to the initiative with the aim of helping more than 60,000 low- and moderate-income homebuyers through low down payment loans and down payment and closing cost grants.

Blog author image

Jorge Hernandez

Jorge Hernandez is a realtor who is driven by his dreams. As a resident of Florida for more than 40 years and Southwest Florida for over 15 years, he knows the area as good as anybody you’ll ever fi....

Latest Blog Posts

Just Reduced $5000

JUST LISTED!! If You Or Someone You Know Is Thinking About Buying A Condo in Cape Coral You Might Want To Check This One Out! Move -In Ready. Call/Text 239-878-5777 To Take A Look Inside.Jorge

Read More

The Fed Plans to Keep Interest Rates Low—So Why Do Interest Rates Keep Rising?

 The Fed Plans to Keep Interest Rates Low—So Why Do Interest Rates Keep Rising?   The Federal Reserve is planning to stay the course in keeping interest rates low — but

Read More

Bank of America triples affordable homeownership pledge to $15B

Lender aims to help more than 60,000 low- and moderate-income homebuyers with low down payment mortgages, as well as down payment and closing cost grants.February 03, 2021Bank of America is tripling

Read More

TOP 3 DEALS IN OUR AREA! Jorge Hernandez Realtor

.Jorge I came across these GREAT deals and thought you would like to take a look. I understand some these homes might be lower or higher than your price range but I wanted to keep you up to

Read More