Bank of America expands down payment grants to Hartford

Bank of America is expanding its down payment grant program to the Hartford area.

While the bank already offers closing-cost grants in Hartford, it will now help homebuyers put down money for the purchase as well. 

When both programs are used, homebuyers are eligible to receive up to $17,500 in grants to put toward down payment and closing costs. The grants do not need to be repaid.
Through the down payment grant, Bank of America offers eligible homebuyers 3% of the purchase price, up to $10,000, whichever is less.

The bank also offers up to $7,500 through America’s Home Grant, which eligible homebuyers can use for non-recurring closing costs or to buy down the interest rate.

Upfront costs can make homeownership unaffordable for many people. More than two-thirds of renters surveyed by the Urban Institute indicated that affording the down payment was a barrier to becoming a homeowner. 

The grant program is designed to help low- to moderate-income homebuyers begin to build their personal wealth, according to an announcement.