CHATHAM COUNTY, Ga. (WSAV) – Bank of America is pledging $5 billion over the next five years in a homeownership grant to help homebuyers in Chatham, Bryan and Effingham Counties.
The new program and existing offerings are together called the Community Homeownership Commitment.
Through a new Down Payment Grant program, the bank will give eligible homebuyers 3% of the home purchase price, up to $10,000 to be used for down payment. Qualified homebuyers may also be eligible for the bank’s closing cost grant program, a lender credit through which they could receive up to $7,500 toward non-recurring closing costs or, in some instances, to buy down their interest rate.
This all means that eligible homebuyers could receive as much as $17,500 to help them purchase a home.
According to Bank of America, the point of the Community Homeownership Commitment is to recognize that many people who can afford a monthly mortgage payment cannot afford the upfront costs of homeownership. They hope to help prospective homeowners get over this hurdle.
“The focus on providing affordable homeownership to low to moderate income and to multicultural markets,” Bill Athey, VP area lending manager said. “The Savannah market and some of the surrounding counties have been identified as having that need.”
Athey said that programs like this one can be confusing, so he recommends visiting a Bank of America or connecting directly with a lending specialist to help determine eligibility. Interested homebuyers can also visit bankofamerica.com/firsthome for more information.