Bank of America Launches Down Payment Resource Center to Help Prospective Buyers Find Programs to Help Achieve Homeownership
March 31 2015 - 9:00AM
Business Wire
The Bank of America Down Payment Resource
Center Gives Consumers Access to a Searchable Database of Over
1,000 Local and National Assistance Programs in Time for Spring
Homebuying Season
Bank of America announced the launch of its new web-based tool
to guide consumers to down payment and closing cost assistance
programs available in their region. The Bank of America Down
Payment Resource Center is powered by Down Payment Resource™,
developed by Atlanta-based Workforce Resource.
“Taking a few minutes to answer fewer than five questions can
get you one step closer to homeownership. Through a simple process,
you can find out immediately which federal, state or local down
payment and closing cost programs you might be eligible for,” said
Dottie Sheppick, senior vice president of Affordable Housing for
Bank of America. “With a wide variety of qualifying criteria, there
may be a down payment assistance program for you.”
In a recent survey Bank of America conducted with first-time
homebuyers, about half of respondents indicated affordability was a
barrier to purchasing a home. In addition, 70 percent of adults in
the U.S. said they were unfamiliar with down payment assistance
programs for middle-income homebuyers in their community, according
to a NeighborWorks America survey.
“Lack of funds for a down payment has long been one of the most
common barriers to buying a home,” said Rob Chrane, president and
CEO of Down Payment Resource. “Many buyers assume down payment
programs offered by state and local housing authorities are only
for lower-income candidates, but there are programs available for
middle-income buyers, too. In fact, there are programs that cover a
variety of non-income-based eligibility criteria, and every
homebuyer concerned about affordability should investigate down
payment assistance.”
While visiting the Bank of America Down Payment Resource Center,
customers can search a database of more than 1,300 down payment and
closing cost assistance programs and also:
- Learn how to use down payment and
closing cost programs in combination with first mortgage loans to
make homebuying more affordable.
- Get information on preparing to
purchase a home.
- Connect with an experienced Bank of
America mortgage specialist to explore options.
Workforce Resource has partnered with many nonprofit
organizations, realtor associations, multiple listing services and
financial institutions to share their web-based solution with real
estate professionals and consumers. The partnership with Bank
of America represents their first national partnership and first
with a major lender.
Bank of AmericaBank of America is one of the world's largest
financial institutions, serving individual consumers, small- and
middle-market businesses and large corporations with a full range
of banking, investing, asset management and other financial and
risk management products and services. The company provides
unmatched convenience in the United States, serving approximately
48 million consumer and small business relationships with
approximately 4,800 retail banking offices and approximately 15,800
ATMs and award-winning online banking with 31 million active users
and approximately 17 million mobile users. Bank of America is among
the world's leading wealth management companies and is a global
leader in corporate and investment banking and trading across a
broad range of asset classes, serving corporations, governments,
institutions and individuals around the world. Bank of America
offers industry-leading support to approximately 3 million small
business owners through a suite of innovative, easy-to-use online
products and services. The company serves clients through
operations in all 50 states, the District of Columbia, the U.S.
Virgin Islands, Puerto Rico and more than 35 countries. Bank of
America Corporation stock (NYSE: BAC) is listed on the New York
Stock Exchange.
Visit the Bank of America newsroom for more Bank of America
news.
Down Payment ResourceDown Payment Resource (DPR) was developed
by Atlanta-based Workforce Resource®, a web-based software company
with a mission to connect people with hard-to-find financial
resources. DPR helps potential homebuyers become qualified buyers
by connecting them to down payment assistance funds they may not
have otherwise known existed. DPR, winner of the 2011 Inman News
Innovator “Most Innovative New Technology” award, is licensed to
Multiple Listing Services, Realtor Associations, financial
institutions and housing counselors across the country. For more
information, please visit DownPaymentResource.com and on Twitter
@dwnpmtresource.
© 2015 Bank of America Corporation. All rights
reserved.
Reporters May Contact:Kris Yamamoto, Bank of America,
1.805.526.3205kris.yamamoto@bankofamerica.com
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