Potential $17,500 Benefit for New Homeowners in St. Louis
During 2022 and 2023, St. Louis, Missouri saw an average increase in home prices by 12.1%, pushing the cost of homeownership beyond standard rates. Numerous potential buyers can manage the recurring monthly mortgage payments, yet the substantial initial costs often create the impression of homeownership as an unachievable dream. Supporting this perception, a survey conducted by the Urban Institute revealed that for over two-thirds of renters, the sizeable down payment poses a significant hurdle in their journey towards owning a home.
In response to this predicament, Bank of America has devised a groundbreaking solution, unveiling a novel Down Payment Grant program, which operates in tandem with a closing cost grant. Utilizing both grant programs in combination, prospective St. Louis homebuyers, inclusive of individuals looking to buy a new home and first-time buyers, could potentially qualify to receive up to $17,500 in non-repayable grants. These funds can be utilized to offset the expenses of down payments and closing costs.
The concept of homeownership has been traditionally acknowledged as a critical pathway towards wealth creation for a multitude of Americans. Nevertheless, the current housing market is fraught with obstacles that impede the realization of this aspiration, such as the limited availability of homes in preferred areas and the escalating home prices that are beyond the reach of many.
The introduction of this grant program is a part of the Bank of America Community Homeownership Commitment®, a venture explicitly crafted to assist low-to-moderate-income homebuyers in embarking on their journey of wealth accumulation and family legacy building through homeownership. This initiative further underscores the bank’s dedication to making homeownership a more affordable and sustainable dream for potential buyers. Through efforts like these, Bank of America is playing a key role in dismantling the financial barriers that impede the path to homeownership.