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Bank of America Launches Center to Help Homebuyers

BankofAmericaIn an effort to help prospective buyers become homeowners, Bank of America has launched a new web tool to guide consumers to down payment and closing cost assistance programs available in their region. This new tool, the Bank of America Down Payment Resource Center, was developed by Workforce Resource and is powered by Down Payment Resource.

“Taking a few minutes to answer fewer than five questions can get you one step closer to homeownership. Through a simple process, you can find out immediately which federal, state, or local down payment and closing cost programs you might be eligible for,” said Dottie Sheppick, SVP of affordable housing for Bank of America. “With a wide variety of qualifying criteria, there may be a down payment assistance program for you.”

About half of first-time homebuyers say affordability is a barrier for them to purchase a home, according to a recent Bank of America survey. Also, according to a NeighborWorks America survey about 70 percent of U.S. adults are unfamiliar with down payment assistance programs for middle-income homebuyers in their community.

“Lack of funds for a down payment has long been one of the most common barriers to buying a home,” said Rob Chrane, president and CEO of Down Payment Resource. “Many buyers assume down payment programs offered by state and local housing authorities are only for lower-income candidates, but there are programs available for middle-income buyers, too. In fact, there are programs that cover a variety of non-income-based eligibility criteria, and every homebuyer concerned about affordability should investigate down payment assistance.”

Customers can search a database of more than 1,300 down payment and closing cost assistance programs when they visit the Bank of America Down Payment Resource Center. Customers can also learn how to use down payment and closing cost programs in combination with first mortgage loans to make homebuying more affordable when they visit the center. They can also get information to help them prepare for purchasing a home and speak with Bank of America mortgage specialist to explore other possible options.

Workforce Resource has partnered with many nonprofit organizations, realtor associations, multiple listing services and financial institutions to share their web-based solution with real estate professionals and consumers. The partnership with Bank of America represents their first national partnership and first with a major lender.

 

About Author: Samantha Guzman

Samantha Guzman is an award-winning visual journalist and graduate of the University of North Texas Mayborn School of Journalism. She specializes in visual storytelling and has skills in video, audio and photography, in addition to news writing. She has traveled to Mexico and Bosnia as an assistant for multiple multimedia projects and taught news writing, photojournalism, and narrative storytelling in the past.
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