Down payment – Les Couleurs De Luce http://lescouleursdeluce.com/ Wed, 21 Sep 2022 04:02:55 +0000 en-US hourly 1 https://wordpress.org/?v=5.9.3 https://lescouleursdeluce.com/wp-content/uploads/2021/08/icon.png Down payment – Les Couleurs De Luce http://lescouleursdeluce.com/ 32 32 The bank offers mortgages with no down payment https://lescouleursdeluce.com/the-bank-offers-mortgages-with-no-down-payment/ Wed, 21 Sep 2022 04:02:55 +0000 https://lescouleursdeluce.com/the-bank-offers-mortgages-with-no-down-payment/

By Stacy M. Brown
NNPA Newswire Senior National Correspondent

Bank of America announced a new no-down payment, no-closing-cost mortgage solution for first-time homebuyers that will be available in designated markets, including select African-American and Hispanic neighborhoods in Charlotte, Dallas, Detroit, Los Angeles and Miami.

According to a press release, the Affordable Community Loan Solution aims to help eligible individuals and families obtain an affordable loan to purchase a home.

“The Affordable Community Loan Solution is a special purpose credit program that uses credit guidelines based on factors such as timely rent, utility bill, phone, and auto insurance payments,” officials said in the statement.

“It requires no mortgage insurance or minimum credit score. Individual eligibility is based on income and place of residence.

Prospective buyers must complete a homebuyer certification course provided by select Bank of America and HUD approved housing counseling partners before applying.

Officials said the new program adds to and complements Bank of America’s existing $15 billion community homeownership commitment to provide affordable mortgages, industry-leading grants and educational opportunities to help 60,000 individuals and families to buy affordable homes by 2025.

Through this commitment, Bank of America has already helped more than 36,000 individuals and families become homeowners, providing more than $9.5 billion in low-down payment loans and more than $350 million in non-refundable down payment. and/or closing cost subsidies.

To date, two-thirds of Community Homeownership Commitment loans and grants have helped multicultural clients access homeownership.

Bank of America also has a 26-year relationship with the Neighborhood Assistance Corporation of America (NACA), through which the Bank has pledged to provide an additional $15 billion in mortgages to low-income home buyers. to moderate until May 2027.

According to the National Association of Realtors, today there is a nearly 30 percentage point gap in homeownership between white and black Americans; for Hispanic shoppers, the gap is almost 20%.

And the competitive housing market has made it even harder for potential buyers, especially people of color, to buy homes.

“Homeownership strengthens our communities and can help individuals and families build wealth over time,” said AJ Barkley, head of neighborhood and community lending for Bank of America.

“Our affordable community loan solution will help make the dream of sustainable homeownership accessible to more Black and Hispanic families, and it’s part of our broader commitment to the communities we serve.”

In addition to expanding access to credit and down payment assistance, Bank of America said it provides educational resources to help buyers navigate the home buying process, including:

First-Time Homebuyer Online Edu-Series, an easy-to-understand five-part video roadmap for buying and financing a home, available in English and Spanish.

Free financial education content from BetterMoneyHabits.com, including videos on managing finances and preparing to buy a new home.

Bank of America Down Payment Center – site to help homebuyers find state and local down payment and closing cost assistance programs in their area. Bank of America participates in more than 1,300 national and local down payment and closing cost assistance programs.
Bank of America Real Estate Center – site to help buyers find properties with flags to identify properties that may qualify for Bank of America grant programs and Community Affordable Loan Solution™.

For more information, contact Bank of America at 1-800-641-8362.

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San Antonio Board of REALTORS® Implements Down Payment Resource to Educate Realtors and Homebuyers About Down Payment Assistance Programs | National https://lescouleursdeluce.com/san-antonio-board-of-realtors-implements-down-payment-resource-to-educate-realtors-and-homebuyers-about-down-payment-assistance-programs-national/ Thu, 15 Sep 2022 11:00:11 +0000 https://lescouleursdeluce.com/san-antonio-board-of-realtors-implements-down-payment-resource-to-educate-realtors-and-homebuyers-about-down-payment-assistance-programs-national/

Eligible SABOR MLS listings qualify for an average of $16,000 in home buying assistance

ATLANTA, Ga., Sept. 15, 2022 (SEND2PRESS NEWSWIRE) – The San Antonio® Board of Realtors (SABOR) today announced its partnership with Down Payment Resource (DPR) to provide its approximately 16,000 Multiple Listing Service (MLS) subscribers access to DPR’s toolset that helps realtors connect clients with programs that can help save on deposits and fees Closing.

SABOR is a primary resource San Antonio area home buyers and sellers use to search and list local real estate listings and connect with a real estate agent. SABOR’s partnership with DPR will allow its REALTOR® members and MLS subscribers to identify eligible SABOR listings for homebuyer and down payment assistance (DPA) programs funded nationally, locally and locally.

DPR reports that nearly 86% of SABOR’s property inventory is eligible for one or more of 64 homebuyer assistance programs in the Greater San Antonio area. Assistance amounts range from $5,000 to $30,000 and can be used by homebuyers earning up to $104,000 a year for homes priced up to $647,000, though limits of income and prices are even higher in certain targeted areas. On average, households in the area served by SABOR are eligible for approximately $16,000.

“SABOR members have long been champions of the San Antonio community, and we are committed to helping buyers access safe and sustainable homeownership,” said SABOR CEO Gilbert Gonzalez. “Our partnership with DPR will help our real estate members better serve their clients by highlighting the many homebuyer assistance programs available in our area. SABOR looks forward to further supporting home ownership in San Antonio with the support of DPR and user-friendly digital tools. »

“San Antonio is one of the least affordable cities in the United States for renters, which is why it’s so important for residents to be connected to resources like down payment assistance to transition from renter to landlord,” said Rob Chrane, CEO of DPR. “We are proud to share our comprehensive database of homebuyer assistance programs – including down payment assistance, grants, affordable first mortgages and more – to help SABOR members better serve their communities with the financial resources that make home ownership achievable.”

About Deposit Resource:

Down Payment Resource (DPR) is a national database of down payment assistance and affordable loan programs. The company tracks funding status, eligibility rules, benefits, and more for approximately 2,200 programs in 11 categories. Its award-winning technology is helping the housing industry connect more buyers to the down payment help they need. DPR has been recognized by Inman News as “the most innovative new technology” and the HousingWire Tech100™. DPR is licensed to multiple listing services, realtor associations, lenders and housing counselors across the country. DPR’s subscription-based service, Down Payment Connect, helps agents and loan officers match buyers with available programs. For more information, please visit DownPaymentResource.com and on Twitter at @DwnPmtResource.

About SABOR:

The San Antonio Board of Realtors® is your primary resource when it comes to finding a Realtor® and buying and selling in the San Antonio area. It is the largest professional trade association in San Antonio and represents more than 15,000 REALTOR® members. SABOR members serve ten counties, including Bexar, Atascosa, Frio, Karnes, Kendall, LaSalle, McMullen, Medina, Uvalde and Wilson. SABOR is one of more than 1,200 local councils and 54 state and territory organizations of Realtors® nationwide that make up the National Association of Realtors® (NAR).

Twitter: @DwnPmtResource @SABoardREALTORS #down payment help #homeownership

NEWS SOURCE: Deposit Resource

This press release has been issued on behalf of the source of the information (Down Payment Resource) which is solely responsible for its accuracy, by Send2Press® Newswire. The information is believed to be accurate but not guaranteed. Story ID: 85074 APDF-R8.6

© 2022 Send2Press®, a press release and electronic marketing service of NEOTROPE®, California, USA.

To see the original version, visit: https://www.send2press.com/wire/san-antonio-board-of-realtors-implements-down-payment-resource-to-raise-realtor-and-homebuyer-awareness-of-down-payment-assistance- programs/

Disclaimer: The content of this press release was not created by The Associated Press (AP).

Copyright 2022 Send2Press Newswire

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San Antonio Board of REALTORS® Implements Down Payment Resource to Educate Realtors and Homebuyers About Down Payment Assistance Programs | Nation World https://lescouleursdeluce.com/san-antonio-board-of-realtors-implements-down-payment-resource-to-educate-realtors-and-homebuyers-about-down-payment-assistance-programs-nation-world/ Thu, 15 Sep 2022 11:00:11 +0000 https://lescouleursdeluce.com/san-antonio-board-of-realtors-implements-down-payment-resource-to-educate-realtors-and-homebuyers-about-down-payment-assistance-programs-nation-world/

Eligible SABOR MLS listings qualify for an average of $16,000 in home buying assistance

ATLANTA, Ga., Sept. 15, 2022 (SEND2PRESS NEWSWIRE) – The San Antonio® Board of Realtors (SABOR) today announced its partnership with Down Payment Resource (DPR) to provide its approximately 16,000 Multiple Listing Service (MLS) subscribers access to DPR’s toolset that helps realtors connect clients with programs that can help save on deposits and fees Closing.

SABOR is a primary resource San Antonio area home buyers and sellers use to search and list local real estate listings and connect with a real estate agent. SABOR’s partnership with DPR will allow its REALTOR® members and MLS subscribers to identify eligible SABOR listings for homebuyer and down payment assistance (DPA) programs funded nationally, locally and locally.

DPR reports that nearly 86% of SABOR’s property inventory is eligible for one or more of 64 homebuyer assistance programs in the Greater San Antonio area. Assistance amounts range from $5,000 to $30,000 and can be used by homebuyers earning up to $104,000 a year for homes priced up to $647,000, though limits of income and prices are even higher in certain targeted areas. On average, households in the area served by SABOR are eligible for approximately $16,000.

“SABOR members have long been champions of the San Antonio community, and we are committed to helping buyers access safe and sustainable homeownership,” said SABOR CEO Gilbert Gonzalez. “Our partnership with DPR will help our real estate members better serve their clients by highlighting the many homebuyer assistance programs available in our area. SABOR looks forward to further supporting home ownership in San Antonio with the support of DPR and user-friendly digital tools. »

“San Antonio is one of the least affordable cities in the United States for renters, which is why it’s so important for residents to be connected to resources like down payment assistance to transition from renter to landlord,” said Rob Chrane, CEO of DPR. “We are proud to share our comprehensive database of homebuyer assistance programs – including down payment assistance, grants, affordable first mortgages and more – to help SABOR members better serve their communities with the financial resources that make home ownership achievable.”

About Deposit Resource:

Down Payment Resource (DPR) is a national database of down payment assistance and affordable loan programs. The company tracks funding status, eligibility rules, benefits, and more for approximately 2,200 programs in 11 categories. Its award-winning technology is helping the housing industry connect more buyers to the down payment help they need. DPR has been recognized by Inman News as “the most innovative new technology” and the HousingWire Tech100™. DPR is licensed to multiple listing services, realtor associations, lenders and housing counselors across the country. DPR’s subscription-based service, Down Payment Connect, helps agents and loan officers match buyers with available programs. For more information, please visit DownPaymentResource.com and on Twitter at @DwnPmtResource.

About SABOR:

The San Antonio Board of Realtors® is your primary resource when it comes to finding a Realtor® and buying and selling in the San Antonio area. It is the largest professional trade association in San Antonio and represents more than 15,000 REALTOR® members. SABOR members serve ten counties, including Bexar, Atascosa, Frio, Karnes, Kendall, LaSalle, McMullen, Medina, Uvalde and Wilson. SABOR is one of more than 1,200 local councils and 54 state and territory organizations of Realtors® nationwide that make up the National Association of Realtors® (NAR).

Twitter: @DwnPmtResource @SABoardREALTORS #down payment help #homeownership

NEWS SOURCE: Deposit Resource

This press release has been issued on behalf of the source of the information (Down Payment Resource) which is solely responsible for its accuracy, by Send2Press® Newswire. The information is believed to be accurate but not guaranteed. Story ID: 85074 APDF-R8.6

© 2022 Send2Press®, a press release and electronic marketing service of NEOTROPE®, California, USA.

To see the original version, visit: https://www.send2press.com/wire/san-antonio-board-of-realtors-implements-down-payment-resource-to-raise-realtor-and-homebuyer-awareness-of-down-payment-assistance- programs/

Disclaimer: The content of this press release was not created by The Associated Press (AP).

Copyright 2022 Send2Press Newswire

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How to Know if You Qualify for the Relaunched Down Payment Assistance Program – NBC Chicago https://lescouleursdeluce.com/how-to-know-if-you-qualify-for-the-relaunched-down-payment-assistance-program-nbc-chicago/ Fri, 09 Sep 2022 19:33:27 +0000 https://lescouleursdeluce.com/how-to-know-if-you-qualify-for-the-relaunched-down-payment-assistance-program-nbc-chicago/

A program to help low-income borrowers access homeownership has been relaunched by the Pritzker administration, with this iteration set to help more than 1,600 buyers with $10 million in financing.

The initial launch of the “Opening Doors” program was in December 2020, when $35 million in funding was intended to help more than 5,800 repeat buyers and first-time buyers with down payment and closing costs. Funding comes from Rebuild Illinois capital funds.

The Pritzker administration said reviving the program will help address historic inequities in homeownership, with Illinois residents of color often facing greater barriers to homeownership.

Census data shows that while 75% of white families in Illinois own their homes, the rate of ownership rises to 39% for black families and 53% for Latino families.

A 30-year first mortgage with a fixed interest rate and $6,000 in closing costs and/or down payment assistance is available through the program. Down payment assistance is automatically canceled after five years, with no monthly payment required from the borrower.

Borrowers must comply with all eligibility criteria for the Illinois Housing Development Authority’s Down Payment Assistance Program, with homebuyer training also required. Eligibility will vary based on the borrower’s credit profile, home purchase price and household income.

To be eligible, borrowers must:

  • Purchase a primary residence, as vacation homes do not qualify
  • Have a credit score of 630 or higher
  • Buy a house in the state of Illinois
  • Have income and purchase price within established limits (determined by lender)
  • Contribute at least 1% to the sale price, or $1,000 (whichever is greater)
  • Have a debt to income ratio of 45% or less
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Bank of America launches $0 mortgage program https://lescouleursdeluce.com/bank-of-america-launches-0-mortgage-program/ Thu, 08 Sep 2022 07:00:00 +0000 https://lescouleursdeluce.com/bank-of-america-launches-0-mortgage-program/

Image source: Getty Images

Could this end up benefiting you?


Key points

  • Not having a down payment fund is a barrier to home ownership for many.
  • A lender is making no down payment loans more and more accessible to borrowers.
  • Bank of America’s affordable community lending solution will benefit aspiring first-time homeowners.

Buying a home can be a challenge for many reasons – and not just when the market is running low on inventory, which it has been since late 2020. Often people struggle to buy because they can afford monthly mortgage payments (which are often comparable or sometimes less than rents), they do not have sufficient funds to put down a down payment.

There are now some mortgage loan programs that allow buyers to finance a home with no down payment. The VA loan program, for example, allows buyers to buy a home without a down payment, but eligibility for this program depends on whether you are a member of the military (or a former member or spouse of a former member).

But now, a lender is launching a new program aimed at making home ownership more accessible to a wider range of borrowers. And if others follow suit, it could help more minorities and underrepresented people take this important step.

Launch of a new $0 down payment program

Bank of America is moving forward with a $0 mortgage program called Community Affordable Loan Solution. Not only will buyers be able to move forward with no down payment, they also won’t have to deal with closing costs on their mortgages.

The affordable community loan solution will be available in select cities – Charlotte, Dallas, Los Angeles, Miami and Detroit. And it’s meant to target black and/or Hispanic and Latino communities in those cities. Qualifying for a $0 down payment mortgage will depend on factors such as income and location. Unlike conventional mortgages, there will be no minimum credit score requirement to qualify.

In addition, no mortgage insurance will be required. This is a good thing, as it can be an additional ongoing expense for homeowners.

Check out: We ranked this company as the best overall mortgage lender in our Best-of 2022 awards

More: Our picks for the best FHA mortgage lenders

Borrowers will still need to meet certain criteria

Although Bank of America’s new loan program does not require a minimum credit score, applicants will be required to show a history of timely bill payments, including rent, utility bills, and utility bills. insurance. Additionally, while the program will target neighborhoods with minorities, applicants do not need to be black or Hispanic/Latino to qualify for a $0 down payment loan. Applicants must also complete a homebuyer certification course.

A step in the right direction

The National Association of Realtors found earlier this year that the homeownership rate among black Americans is nearly 30 percentage points lower than that of white Americans. The hope is that by opening up the option of $0 loans, it will help people of color and minorities overcome the barriers that previously prevented them from buying homes.

While it’s more than possible to do well financially as a renter, homeownership has long been said to promote financial stability. And so the fact that more people have the chance to buy a house is a very positive thing.

Those who own homes have the opportunity to leverage the equity they build in those properties. It’s money that can be used in a pinch to avoid costly debt – an option tenants don’t take advantage of, even if they’ve always paid well on time.

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Black first-time home buyers can now qualify for no-down mortgages https://lescouleursdeluce.com/black-first-time-home-buyers-can-now-qualify-for-no-down-mortgages/ Sat, 03 Sep 2022 07:00:00 +0000 https://lescouleursdeluce.com/black-first-time-home-buyers-can-now-qualify-for-no-down-mortgages/ Bank of America has launched an initiative that offers for the first time home buyers in some cities, no down payment, no closing cost mortgage for the purpose of boost home ownership in Black and Latino communitiesby BNC News.

The initiative, called Community Affordable Loan Solution, aims to provide eligible individuals and families with mortgages that can help them obtain affordable loans to ultimately buy a home, Bank of America said.

The mortgages will first be rolled out in the neighborhoods of Charlotte, Dallas, Detroit, Los Angeles and Miami, according to NBC News.

“Homeownership strengthens our communities and can help individuals and families build wealth over time,” said A.J. Barkley, the bank’s neighborhood and community lending manager. “Our affordable community loan solution will help make the dream of sustainable homeownership accessible to more Black and Hispanic families, and it’s part of our broader commitment to the communities we serve.”

Eligibility for the Affordable Community Loan Solution will be based on factors such as timely payment of rent, utilities, phone and car insurance – no minimum credit score will be required.

Loans also won’t require mortgage insurance, which is usually an additional cost for buyers who pay less than 20% of the purchase price.

Before applying for the new program, first-time home buyers will need to complete a homebuyer certification course provided by the bank and federally licensed housing counseling partners, the company said.

The initiative comes as the racial gap in homeownership in the United States remains wide.

According to the National Association of Realtors (NAR), the homeownership rate for white households in 2020 was 72%. For Hispanic and Black households, the rate was about 51% and 43%, respectively.

Black homeownership also fell lower in 2020 than in 2010, in part due to the pandemic, the NAR said.

Get the latest news 24/7 on The Black Information Network. Listen now on the iHeartRadio app or click HERE to tune in live.

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Bank of America to Offer No-Down Mortgages to Select Black and Hispanic Communities | Company https://lescouleursdeluce.com/bank-of-america-to-offer-no-down-mortgages-to-select-black-and-hispanic-communities-company/ Thu, 01 Sep 2022 18:24:00 +0000 https://lescouleursdeluce.com/bank-of-america-to-offer-no-down-mortgages-to-select-black-and-hispanic-communities-company/

Bank of America is offering no-down payment mortgages with no closing costs for first-time homebuyers in select Black and Hispanic neighborhoods under a new program designed to reduce inequalities in the housing market.

The new loan, launched this week, requires no minimum credit score or mortgage insurance, which lenders typically charge when borrowers put down less than 20% down.

Rookie Spencer Strider pitched eight scoreless innings and set a franchise record for a nine-inning game with 16 strikeouts as the Atlanta Braves beat the Colorado Rockies 3-0 on Thursday. Click for more information.

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Bank of America Draws Mixed Reviews for No-Down Mortgages Aimed at Boosting Homeownership Among Blacks and Hispanics https://lescouleursdeluce.com/bank-of-america-draws-mixed-reviews-for-no-down-mortgages-aimed-at-boosting-homeownership-among-blacks-and-hispanics/ Thu, 01 Sep 2022 15:03:00 +0000 https://lescouleursdeluce.com/bank-of-america-draws-mixed-reviews-for-no-down-mortgages-aimed-at-boosting-homeownership-among-blacks-and-hispanics/

Bank of America Corp. is getting a mixed reaction on social media to a no-down payment mortgage program aimed at bringing first-time homeownership closer to more African-American and Hispanic families.

Readers’ comments on Bank of America’s new affordable community lending solution often compared the program to subprime loans, which collapsed as part of the global housing meltdown that in turn precipitated the financial crisis of 2008.

Others applauded the move as a way to address declining Black American homeownership rates between 2010 and 2020.

The banking giant BAC,
-0.12%
unveiled the new loan product earlier this week. It is described as a special purpose credit program tested in select markets, including Charlotte, Dallas, Detroit, Los Angeles and Miami.

In addition to no down payment, the program offers no closing costs for first-time home buyers, no mortgage insurance or minimum credit score required.

“Is it an adjustable rate mortgage? Because black neighborhoods have already been devastated by predatory lending, @mcdpeach said on Twitter in reaction to an NBCNews story about the bank’s mortgage program. “I trust BoA as far as I can cast him.”

@Armanwalker said black homeownership rates remain at their lowest levels and the housing gap has grown. “It’s not predatory lending,” @Armanwalker said.

A Twitter user called @Benhem612 raised questions about whether the Bank of America program will be combined with protections to prevent homes being sold for “penny on the dollar”.

Twitter user @CamTsn compared the program to Ninja Loans, which are loans given with little or no attempt to investigate repayment capacity. “What a great idea, offering Ninja 2.0 loans at the top of a real estate bubble,” said @CamTsn. “I am absolutely sure that this will not have a negative impact on minorities and their communities.”

In describing its new mortgage program, Bank of America said it assesses mortgage eligibility based on rent, utility bill, phone, and timely car insurance payment, homebuyers required to complete a certification course with approved housing advice partners, prior to application.

The bank’s mortgage effort comes as the U.S. Federal Reserve and other banking regulators work to update the Community Reinvestment Act (CRA) in a bid to boost homeownership rates in low-income areas. One of the objectives of the updated CRA is to promote special purpose credit programs aimed at stimulating lending.

While the overall homeownership rate in the United States jumped 1.3% to 65.5% in 2020, the rate for black Americans fell to 43.4% in 2020 from 44.2% in 2010, according to the National Association of Realtors. The homeownership rate among African Americans remains nearly 30 percentage points lower than the homeownership rate of 72.1% among white Americans.

Bank of America said the affordable community lending solution adds to its community homeownership commitment to provide $15 billion in mortgages by 2025, with a goal to help 60,000 individuals and families. to buy houses.

The Charlotte, North Carolina-based bank has also committed an additional $15 billion through May 2027 to the Neighborhood Assistance Corporation of America (NACA) to provide mortgages to low- and middle-income homebuyers.

Read also : Mortgage rates climb to 5.66%, their highest level since June, which should slow price appreciation.

Bank of America stock, which was down 1.7% on Thursday morning, has lost 10.5% over the past three months, while exchange-traded fund SPDR Financial Select Sector XLF,
-0.78%
lost 6.6% and the S&P 500 SPX index,
-1.07%
fell 4.7%.

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Ogden Loan Program helps homebuyers with their down payment https://lescouleursdeluce.com/ogden-loan-program-helps-homebuyers-with-their-down-payment/ Thu, 01 Sep 2022 07:00:00 +0000 https://lescouleursdeluce.com/ogden-loan-program-helps-homebuyers-with-their-down-payment/

OGDEN, Utah (ABC4) – Even though the housing market is starting to stabilize in Utah, many potential buyers are still out of luck. However, a program in Ogden can help change that luck for those looking to settle in the city. Own in Ogden is a down payment loan program that offers up to $20,000 in assistance.

Homes are a rare commodity these days and for almost two years they have been selling within a week of being put on the market. However, things are starting to slow down in northern Utah.

“Homes are sitting on the market a little longer, but they’re being bought,” Melissa Hernandez told ABC4. Hernandez was born in Mexico, grew up in Davis County, moved to Ogden as a teenager, married an Ogden man, and is now a realtor in the area with Ridgeline Realty. She told ABC4 she loves Ogden and is thrilled to see Own in Ogden helping first-time buyers get into a home and make the town their home.

“We’re seeing prices come down, which is really good for buyers, and buyers can really negotiate whatever they want in a home right now,” Hernandez said.

Even though homes stay on the market a bit longer than they have in the past two years and prices begin to stabilize, many cannot afford the down payment needed to purchase. . Hernandez explained that many hopeful buyers spend more on rent than they would on a mortgage, which often means it takes years of saving to have enough money for a down payment.

“We use federal funds to help people get into homes, Jeremy Smith said. Smith is the Assistant Director of Ogden City’s Community Development Division. The federal funds he mentioned are the funds that make Own in Ogden possible. This is a loan program with a down payment.

“To encourage homeowner occupancy in the city, we’ve increased the amount to encourage them to come and stay,” Smith explained. The program is not new. However, Smith told ABC4 that the amount available to people through the program is now significantly higher than it has been in the past. Previously, he said, people could expect to be entitled to around $2,000 to $3,000. Now, in some cases, this amount has been multiplied by 10.

Ogden City police and firefighters are eligible for assistance of up to $20,000. Certified teachers, school administrators and Ogden City employees may be eligible for up to $15,000. Anyone who buys their primary residence within the city limits of Ogden can receive up to $10,000. Assistance is income-tested and can only be applied to the purchase of a home for $385,000 or less. More information on who is eligible can be found here.

“We want to keep our employees here, so we try to be creative; find ways to entice them to stay,” Smith told ABC4. He explained that the city will allocate the funds through the Own in Ogden program until exhausted. However, the program will continue to operate in the future and funds will be renewed (through federal programs) and on an annual basis.

“I think Ogden is such a cool place,” Hernandez said. “There are always things happening in the community, and it’s just that you want to be a part of it.”

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Bank of America Announces Small Business Down Payment Grant Program to Boost Growth of Women and Minority Businesses https://lescouleursdeluce.com/bank-of-america-announces-small-business-down-payment-grant-program-to-boost-growth-of-women-and-minority-businesses/ Tue, 30 Aug 2022 13:00:00 +0000 https://lescouleursdeluce.com/bank-of-america-announces-small-business-down-payment-grant-program-to-boost-growth-of-women-and-minority-businesses/

New Special Purpose Credit Program Offers Down Payment Grants for SBA 504 and 7(a) Commercial Real Estate Loans for Women and Minority-Owned Business Owners in Atlanta, Chicago, Charlotte, dallas and Los Angeles

CHARLOTTE, North Carolina, August 30, 2022 /PRNewswire/ — Bank of America today announced the launch of a Small Business Installment Grant Program to spur business growth and help create generational wealth opportunities for women and minority business owners.

Launching in select markets with plans to expand in 2023, the program will extend credit to historically disadvantaged small business borrowers and provide support to make buying commercial real estate more affordable.

“Today, many business owners from diverse backgrounds lack access to the capital and technical assistance needed to qualify for business loans, which can help secure transferable assets that create equity. clean across generations,” said Jill Calabrese Bath, Head of Small Business Onboarding and Transformation at Bank of America. “We are committed to addressing inequality in business ownership by providing entrepreneurs with access to the expertise, resources and capital needed to achieve their financial goals.”

The program will be available to eligible women and minority-owned business owners applying for 504 and 7(a) commercial real estate loans for the Small Business Administration (SBA). Commercial real estate must be based in Opportunity Zones in Atlanta, Chicago, Charlotte, dallas and Los Angeles, as defined by the US Treasury. Eligible business owners can apply for down payment grants, covering up to 50% of the required injection (capped at $25,000).

Program eligibility requirements also require 51% female or minority business ownership and owner occupancy, and a minimum 5% down payment from the applicant. Additionally, Bank of America’s small business specialists will team up with local nonprofit partners focused on small business to provide financial education services.

Bank of America is committed to helping small business owners in local communities across the country through many resources beyond the Small Business Down Payment Grant program, including:

  • Secure credit offers: The previously announced Bank of America Business Advantage Secured Line of Credit launched last week, offering a line of credit of $1,000 at $50,000 to business owners. Earlier this year, Bank of America also launched the Business Advantage Unlimited Cash Rewards Mastercard® Secured Credit Card as a new tool to help business owners establish, strengthen or rebuild their business credit – while offering cardholders the benefits that matter most to their business. . The line of credit goes from $1,000 at $10,000earning unlimited 1.5% cash back on all purchases.
  • Access to the capital directory: A comprehensive database designed in partnership with Seneca Women to help women and minority entrepreneurs learn more about navigating the capital landscape and identifying potential sources of funding, such as equity, debt, and grants.
  • Start a business center: A consolidated content resource to help potential and new business owners learn how to start or grow their business. The digital experience offers resources such as business plan templates, partners for critical services, and access to Bank of America Small Business specialists. Clients can utilize advice and considerations on topics such as writing a business plan, legal business structures, marketing strategy, and business financing options.
  • Small Business Resources: As part of Bank of America’s ongoing commitment to supporting our small business customers and their financial priorities, we continue to expand our digital educational content. The site offers tools, information and expert advice to help entrepreneurs manage and grow their business. The education center provides advice and solutions for all aspects of business ownership, covering topics such as business strategy, client relationships, financing options, optimizing operations, cash flow management and more.

To learn more about our small business resources, download the Bank of America app or visit bankofamerica.com/smallbusiness.

In related news, Bank of America also announced today that it is offering a no-down payment, no-closing-cost mortgage solution in select markets. The new Community Affordable Loan Solution™ aims to help eligible individuals and families obtain an affordable loan to purchase a home. It’s now available to first-time home buyers in select Black/African American and/or Hispanic-Latino neighborhoods in Charlotte, dallas, Detroit, Los Angelesand Miami. This new program complements the current $15 billion Bank of America Community Home Ownership Pledge,™ which provides affordable mortgages, grants and education opportunities with the goal of helping 60,000 low-to-middle income individuals and families access affordable housing by 2025.

Bank of America

Bank of America is one of the world’s leading financial institutions, serving individuals, small and medium-sized businesses, and large corporations with a full range of banking, investment, asset management, and banking products and services. other financial and risk management products and services. The company offers unparalleled convenience in United States, serving approximately 67 million retail and small business customers with approximately 4,000 retail financial centers, approximately 16,000 ATMs and award-winning digital banking services with approximately 55 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 businesses, governments, institutions and individuals worldwide. whole world. Bank of America provides 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 its customers through operations across United States, its territories and about 35 countries. Bank of America Corporation (NYSE: BAC) shares are listed on the New York Stock Exchange.

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Journalists can contact:

Don VecchiarelloBank of America
Phone: 980.387.4899
[email protected]

SOURCE Bank of America Corporation

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