ON SCREEN COPY: Bank of America logo
[Music in background]
ON SCREEN COPY: Bank of America Community Homeownership Commitment®
Hello. I'm AJ Barkley.
ON SCREEN COPY: AJ Barkley Head of Neighborhood and Community Lending
We launched the commitment of $5 billion in lending to individuals and families over five years in 2019, which would put an additional 20,000 individuals and families in homes.
ON SCREEN COPY: Bank of America Community Homeownership Commitment®. $15 billion through 2025 to help more than 60,000 individuals and families purchase a home
Well, seeing the overwhelming reception it received and the impact it's had on our communities we serve, in 2021 we tripled that commitment to $15 billion through 2025, with the goal of helping 60,000 buyers purchase a home.
ON SCREEN COPY: Bank of America Community Homeownership Commitment® Includes a combination of: Low down payment loan options, Homebuyer grants, Educational resources, Expertise
The Community Homeownership Commitment helps put people on a path to affordable home ownership, by giving them access to a combination of low down payment loan options, grants, educational resources and expertise.
We already know that the top two barriers of homeownership are really reserves, and those reserves going towards down payment and closing costs.
ON SCREEN COPY: The Community Homeownership Commitment offers up to $17,500 in combined down payment and closing costs grants
So with one of the most generous grants in the industry, the Community Homeownership Commitment offers up to $17,500 in combined down payment and closing cost grants.
And remember, grants are not a loan so you don't have to repay them.
And don't forget, Bank of America grants can also be combined with externally provided buying assistance.
That is phenomenal. Our grant program is available and it varies by market and so all markets are not eligible.
In addition to the help of upfront costs, we know prospective homebuyers also need ways to stay informed, learn about the homebuying process and do all of this in the convenience of their home at any time.
That's why we have online tools to help along the way.
ON SCREEN COPY: (Laptop showing First-Time Homebuyer Online Edu-Series™) bankofamerica.com/homebuyer
Our First-Time Homebuyer Online Edu-Series provides videos in English and Spanish, where experts guide you along the homebuying process.
Prepare your finances, make an offer, and apply for a mortgage, and much, much more.
You'll also view firsthand stories of those who have purchased a home.
ON SCREEN COPY: (Laptop showing the Bank of America Real Estate Center®) realestatecenter.bankofamerica.com
In addition, the Bank of America real estate center provides a simple way to research neighborhoods and identify down payment and closing costs, grant eligible properties, for sale across the country.
As well as home values, the previous purchase prices, and recent home sales based on the latest data.
ON SCREEN COPY: (Laptop showing the Bank of America Digital Mortgage Experience®) secure.bankofamerica.com/digital-mortgage-application/mortgage/#puchase-gating-question
We also have the Bank of America digital mortgage experience, which puts you in control, allowing buyers to start the mortgage online via our online mobile app.
When you are qualified, you'll receive a letter that provides an estimate of what you might be able to borrow based on the information you provided about your finances on your house hunting journey.
ON SCREEN COPY: (Laptop showing Better Money Habits®) bettermoneyhabits.com
And lastly, Bank of America's Better Money Habits platform offers free financial education content and tools that break down the financial topic in ways that are approachable and easy to understand.
The platform connects people at all life stages to relevant tools that help build knowledge to help them take action toward their personal financial goals.
We are so proud of the tremendous impact these programs tools, and resources have had on many of our clients.
ON SCREEN COPY: Community Homeownership Commitment bankofamerica.com/homeowner
If you want to learn more about the Community Homeownership Commitment, view any of our homebuying resources or connect with a lending specialist who can help, visitwww.bankofamerica.com/homeowner.
ON SCREEN COPY: What would you like the power to do?®
ON SCREEN COPY: Bank of America logo
ON SCREEN DISCLOSURES:
America’s Home Grant®: Qualified borrowers must meet eligibility requirements including, but not limited to, being owner occupants, meeting certain qualifying income limitations and purchasing a home within a certain geographical area. Minimum combined loan-to-value must be greater than to equal to 80%. The America’s Home Grant Program is a lender credit. Program funds can only be used for nonrecurring closing costs including title insurance, recording fees, and in certain situations, discount points may be used to lower the interest rate. The grant cannot be applied toward down payment, prepaid items or recurring costs, such as property taxes and insurance. Borrowers cannot receive program funds as cash back. Maximum income and loan amount limits apply. The home loan must fund with Bank of America. Bank of America may change or discontinue the America’s Home Grant Program or any portion of it without notice. Not available with all loan products, please ask for details.
Down Payment Grant: Qualified borrowers must meet eligibility requirements such as being owner-occupants and purchasing a home within a certain geographical area. Maximum income and loan amount limits apply. Minimum combined loan-to-value must be greater than or equal to 80%. Program funds can be applied toward taxable income, a 1099-MISC will be issued, consult with your tax advisor. May be combined with other offers. The home loan must fund with Bank of America. Down Payment Grant may only be applied once to an eligible mortgage/property, regardless of number of applicants. Homebuyer education is required. Bank of America may change or discontinue the Bank of America Down Payment Grant Program or any portion of it without notice. Not available with all loan products, please ask for details.
Preapproval: Final loan approval is subject to satisfactory appraisal and title review and no change in borrower credit and financial condition. Preapproval is subject to terms and conditions and timely submission of required documentation; ask your Lending Specialist for details. Preapproval does not commit to the continued availability of the loan program. The interest rate shown in a preapproval is based on our current pricing and is not locked. You may choose to lock an interest rate after we receive the complete and executed purchase contract. Borrower must submit purchase contract within 90 days of preapproval. If the rate at time of lock is higher, or a rate lock expires prior to funding, or for adjustable-rate loan programs when the index value rises, we must determine your ability to repay the loan at the higher rate, which may lower the loan amount or invalidate the preapproval. Not available on all loan products. Not available on refinance loans.
Bank of America, N.A., Member FDIC (house icon) Equal Housing Lender ©2022 Bank of America Corporation. All rights reserved. Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.
Bank of America Community Homeownership Commitment is a trademark of Bank of America Corporation. What would you like the power to do? America’s Home Grant, Bank of America and the Bank of America logo are registered trademarks of Bank America Corporation.