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Doing More For Our Communities
As part of the Community Reinvestment Act (CRA), Bank of America is routinely audited by federal regulators to ensure the bank is meeting the credit needs of the communities where we do business, including low- to moderate-income neighborhoods. However, for us, it's not just an obligation-we see it as an opportunity to assist homebuyers who couldn't otherwise afford home loans and prepare them for homeownership.
To be a strong partner and neighbor, we support a variety of programs, including:
Homeownership Education: We've partnered with nonprofit organizations, professional member groups, and our associates to expand our ability to deliver homeownership education to help individuals make more informed financial decisions and to arm them with the knowledge they need to achieve and preserve homeownership. For example, certain loan programs require potential borrowers to receive homebuyer education in order to qualify. Bank of America offers Homebuyer Education classes at no cost, including a certificate of completion.
Down Payment Assistance Programs: We have relationships with over 1,300 community groups, nonprofit organizations, employers, and government housing agencies that have programs to help qualified buyers receive down payment assistance to purchase their first home.
Affordable Loan Programs¹: Our affordable loan programs offer a number of ways to open doors to homeownership for qualified low- to moderate-income borrowers. These programs include:
- Homebuyer education
- Choice of down payment options
- Ability to use gift funds
- Grants for down payment assistance and closing costs
- Use of nontraditional credit sources, such as history of rent, utility telephone, or even cable television payments to help establish a credit history.
Bank of America has set a standard for excellence in serving low- and moderate-income and minority communities. We achieved an "outstanding" rating over the past 16 years for responsible lending by federal bank regulators. Of the mortgages that Bank of America originates, one in five are made to low- to moderate-income borrowers.
We are committed to providing responsible lending programs designed to help qualified low- to moderate-income homebuyers and minority communities acquire important knowledge needed to achieve and manage homeownership for long-term success. We want our customers to know that not only are we the bank they can trust, but we are a good neighbor, as well.
¹Income and/or census tract requirements may apply. Homebuyer education may be required. For multi-unit properties, landlord education is required. Owner-occupied only. Maximum loan amounts may apply. Ask for details.
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04/27/09 Introducing Bank of America Home Loans ...
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03/20/09 NSP Fund Information ...
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