Bank of America introduces homebuyer assistance program

Bank of America now offers its America's Home Grant program in Albany.

The grant provides a lender credit of up to $7,500 that can be used towards non-recurring closing costs, like title insurance and recording fees, or to permanently buy down the interest rate. The homebuyer doesn't need to repay the money.

Eligibility for the grant is based on income limits and where the house is located. Buyers who find a house in the middle to upper Census tract are eligible if they make less than 80% of the area median income - $71,920 in this case. If the house is in a low to moderate Census tract, buyers can make up to 150% of AMI, which is $134,850, explained Anthony Saad, BofA's area lending manager for consumer lending in Upstate NY.

There is a quiz on bankofamerica.com to help prospective homebuyers determine if they are ready to buy a house.

A recent survey commissioned by the bank found that nearly nine in 10 prospective buyers surveyed are still motivated to purchase their first home, and four in five said saving for a home remains a priority. Despite the COVID-19 pandemic, 56% said they are either accelerating their home purchase timeline (14%) or are still on course with their original plans (42%). Of those remaining, 28% say they will buy later than planned, and 16% plan to renovate or hold off on buying for now.

When asked what they want in a home, 86% of prospective homebuyers wish they had more indoor space, and 64% want more outdoor space. Additionally, high-speed Internet and strong cell service (56%) ranked as very important features to future homebuyers, as did proximity to essential businesses (51%) and recreational activities (44%).

Written By

Leigh Hornbeck

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Leigh Hornbeck is the editor of Spaces, the Times Union's weekly real estate section. She is also the senior writer for Women@Work magazine. Leigh came to the Times Union in 2002 after working at Boston-area newspapers. She covered Saratoga County exclusively for nearly 10 years before moving into the paper's features department in 2012. She was raised in the Adirondacks and graduated from St. Michael's College in Vermont. Contact her at (518) 454-5352 or [email protected].