About AJ Barkley
AJ Barkley is the Neighborhood Lending Executive for Bank of America, responsible for identifying opportunities to drive successful homeownership among low- to moderate-income borrowers, underserved communities, and multicultural borrowers across the economic spectrum.
More than ever, GETTING INTO A HOME OF YOUR OWN has challenges.
Bidding wars. Rising home prices. Limited inventory. The past year has inspired many to re-evaluate their living spaces and the shifts in the way people use their homes combined with low mortgage rates have led to a competitive market where a new wave of first-time homebuyers is eager to change things up in a home of their own but face challenges.
Most recently, Bank of America tripled its affordable homeownership initiative to $15 billion through 2025, aiming to help more than 60,000 individuals and families to purchase homes.
Bank of America Community Homeownership Commitment™: Tell us about that!
The Bank of America Community Homeownership Commitment™ is a $5 billion initiative to help eligible homebuyers purchase a home affordably. Some of the components are:
- Loans requiring a down payment as low as 3 percent, some with no mortgage insurance required
- Through a Down Payment Grant program available in more than 260 cities and counties across the country, the bank will give eligible homebuyers 3% of the home purchase price (up to $10,000) to be used for a down payment. No repayment is required.
- Qualified homebuyers may also be eligible for the bank’s closing cost grant program, a lender credit through which they could receive up to $7,500 toward non-recurring closing costs or to permanently buy down their interest rate.