MANCHESTER, NH – As part of its $15 billion Community Homeownership Commitment®, Bank of America has expanded its Down Payment Grant program to prospective New Hampshire homebuyers in Rockingham and Strafford counties to help more people prepare for homeownership now and in the future.
The Down Payment Grant provides eligible homebuyers 3% of the home purchase price up to $10,000 (whichever is less) toward a down payment with no repayment required.
Launched in 2019 and expanded to a $15 billion commitment in 2021, the Bank of America Community Homeownership Commitment® was designed to help low- to moderate-income homebuyers across the country begin to build their personal wealth and family legacy through the power of homeownership. It provides resources and solutions to make homeownership more affordable and sustainable, including low down payment mortgages; industry-leading down payment and closing cost grants; and financial education tools.
“Bank of America is expanding this initiative into New Hampshire because of the overwhelmingly positive response from clients across the country,” said Ken Sheldon, President of Bank of America New Hampshire. “We monitor the grant program’s impact in markets where it’s available and evaluate the need in new and additional markets on an ongoing basis, to ensure that we are meeting the homeownership needs of the clients and communities we serve. In New Hampshire, the NH Association of Realtors’ housing affordability index has indicated a steady decline in single-family housing affordability since 2020, meaning more prospective homebuyers may be struggling to qualify for a mortgage.”
In addition to the Down Payment Grant, Bank of America also offers up to $7,500 in grant assistance for nonrecurring closing costs through the America’s Home Grant®, available in Cheshire, Grafton, Hillsborough, Merrimack, Rockingham, Strafford, and Sullivan Counties. When the Bank of America Down Payment Grant and the America’s Home Grant® are used together, eligible homebuyers in New Hampshire may be eligible to receive up to $17,500 in combined down payment and closing cost grants, which do not need to be repaid, to help them purchase a home.
Prospective homebuyers can use Bank of America’s free online Down Payment Center tool to search for any Bank of America proprietary, state, and local down payment and closing cost assistance programs in their area for which they may eligible. The Bank of America Real Estate Center® also makes it easy to identify grant-eligible properties for sale.
To learn more about program eligibility and details, visit bankofamerica.com/homeowner.
About Bank of America
Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 15,000 ATMs and award-winning digital banking with approximately 56 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock (NYSE: BAC) is listed on the New York Stock Exchange.
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