America’s Community Bank: Making Homeownership a Reality

America’s Community Bank: Making Homeownership a Reality

Hey there, it’s AJ Barkley! Today, I want to share something truly exciting with you. Our Community Homeownership Commitment has been transforming the lives of countless low and moderate-income families across the country. It’s all about empowering individuals and families to build personal wealth and create a lasting legacy through the power of homeownership.

America's Community Bank
America's Community Bank

A Bigger and Better Commitment

Back in 2019, we launched this commitment with an ambitious goal of providing $5 billion in lending to individuals and families over five years. This move alone would have helped 20,000 families become homeowners. However, due to the overwhelming response and the incredible impact it had on the communities we serve, we decided to triple our commitment to $15 billion through 2025. Our new goal? Helping 60,000 buyers achieve their dream of owning a home.

Opening Doors to Affordable Homeownership

The Community Homeownership Commitment is all about making affordable homeownership a reality. We understand that saving for down payment and closing costs can be a major hurdle for aspiring homeowners. That’s why we offer a combination of low down payment loan options, grants, educational resources, and expertise to put people on the path to homeownership.

With one of the most generous grant programs in the industry, the Community Homeownership Commitment offers up to $17,500 in combined down payment and closing cost grants. And the best part? These grants are not loans, so you don’t have to repay them. Plus, our grants can be combined with externally provided buying assistance, giving you even more support on your homeownership journey.

Empowering Homebuyers with Knowledge and Tools

We believe that knowledge is power, especially when it comes to buying a home. That’s why we provide a range of online tools and resources to help you every step of the way. Our first-time homebuyer online eduseries offers expert-guided videos in English and Spanish, taking you through the entire homebuying process, from preparing your finances to making an offer and applying for a mortgage.

But that’s not all. Our Bank of America Real Estate Center makes it easy to research neighborhoods, identify properties eligible for grants, and access the latest data on home values, previous purchase prices, and recent sales. And with the Bank of America Digital Mortgage Experience, you can start your mortgage application online, all from the comfort of your own home.

Building Better Money Habits

At Bank of America, we’re not just committed to helping you become a homeowner. We also want to empower you to make better financial decisions in all aspects of your life. That’s why our Better Money Habits platform offers free financial education content and tools that break down complex topics in a way that’s easy to understand. No matter where you are on your financial journey, we have the resources to help you build knowledge and take action towards your personal financial goals.

Real Stories, Real Impact

The impact of our programs, tools, and resources speaks for itself. Take, for example, the story of a single mother in Detroit who had always dreamed of owning her own home. Through the homeownership class offered by a local nonprofit, she discovered the Community Homeownership Commitment. With the help of our grant programs, she closed on her dream home and received over $12,000 in down payment and closing cost assistance. Stories like hers reaffirm our commitment to making homeownership a reality for those who thought it was out of reach.

To learn more about the Community Homeownership Commitment, explore our homebuying resources, or connect with a lending specialist who can help you on your journey, visit our Banking Blog.

Remember, homeownership is not just a dream—it’s within your reach, and together, we can make it happen!

Banking Blog

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