Many prospective homebuyers can afford monthly mortgage payments, but the upfront costs may make homeownership seem out of reach. In fact, more than two-thirds of renters surveyed by the Urban Institute indicated that affording the down payment was a barrier to becoming a homeowner.
While Bank of America already offers closing cost grants locally, the bank is now bringing its Down Payment Grant to Houston as of March 2023. When the two grant programs are used together, eligible Houston homebuyers may have access to up to $17,500 in grants to put towards down payment and closing costs, which do not need to be repaid.
When it comes to buying a home, particularly during today’s challenging market, first-time buyers often face barriers, including high home prices (56%), high interest rates (40%) and closing costs (30%), according to Bank of America’s Homebuyer Insights Report. Additionally, while the increase in average sales price for single family homes in Houston has slowed, it still increased by 1.5% in January, according to HAR data.
This grant program is part of the Bank of America Community Homeownership Commitment®, which is designed to help low- to moderate-income homebuyers begin to build their personal wealth and family legacy through homeownership.
The bank’s commitment to making homeownership more affordable and sustainable is also realized through its local homebuyer education workshops. In celebration of Houston Money Week, April 15-22, Bank of America, in partnership with Family Houston, will host its next homebuyer workshop at 11am on April 15 at Depelchin Children’s Center.