Hello. I'm AJ Barkley.
I'm excited to talk with you
about our Community Homeownership Commitment,
which has already helped
tens of thousands of low and moderate income buyers across the country
begin to build personal wealth and a family legacy
through the power of home ownership.
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.
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.
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 home ownership
are really reserves,
and those reserves going towards down payment and closing costs.
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 costs grants.
And remember, grants are not a loan so you don't have to repay them.
And don't forget, Bank of America grants may 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.
Our first time homebuyer online eduseries
provides videos in English and Spanish,
where experts guide you along the home buying 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.
In addition, the Bank of America Real Estate Center
provides a simple way to research the 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.
We also have the Bank of America Digital Mortgage Experience,
putting you in control, allowing buyers
to start their 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.
And finally, 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.
So let me share a story
about a single mother in Detroit
who had always dreamed of moving from renter to homeowner.
She created a vision board with a friend
and in the vision board she dreamt of owning her own home.
It was one of her goals.
But her biggest concern was having enough money saved.
So for a couple of years she worked really hard towards that goal
and began to search for that perfect home.
Finally, she learned of the homeownership class,
offered by a local nonprofit,
and that's where she learned of the Community Homeownership Commitment.
She connected with a Bank of America lending officer
and the rest is history.
She closed on her home with the help of our grant programs
with over $12,000 in down payment and closing costs assistance.
Phenomenal.
And we know so many people like her
who want to own their very own home
and we're committed to putting that dream within reach
for many who just thought it wasn't possible.
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,
visit www.bankofamerica.com/homeowner