Learn why homeownership is the key to creating wealth, building strong communities, and achieving the American Dream.
Image by Ian MacDonald
Homeownership is the foundation upon which dreams are built, wealth is created and passed down and communities flourish. There are endless reasons why homeownership is the American Dream. Still, even if your “why” for homeownership is clear, the “how” can still present a hurdle. Homeownership may seem like something that’s only afforded to the wealthy or those who’ve put a lot in savings; however, it may be more accessible than you think. While the homebuying process might seem complex at first, the more you know about it, the smoother the ride may be.
Even with strong credit and income, often the biggest barrier to homeownership is having the cash on hand for the down payment and closing costs. Programs like Bank of America’s Community Homeownership Commitment can help St. Louisans achieve the American Dream and own a home.
The program includes two primary grants that do not require being repaid and offers educational resources:
- Down Payment Grant program, which offers eligible homebuyers 3% of the home purchase price, up to $10,000, whichever is less, to help with the down payment.
- America’s Home Grant, which offers eligible buyers up to $7,500 to be used for non-recurring closing costs, such as title insurance and recording fees, or to buy down their interest rate.
- Bank of America’s Down Payment Center, which lists programs such as local and state homebuying programs that can be used in conjunction with BofA’s program.
- #Homeownership, #AmericanDream, #WealthBuilding, #CommunityStability
