Grant-Eligible Properties Can Help Buyers With the Affordability Gap

  • 7 months ago
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A new year, a new home, this is a New Year’s resolution many have on the brain. A professional real estate agent can help those who might think this is an impossible New Year’s resolution turn it into a reality. A Realtor can help a first-time homebuyer prepare their finances, find a home the buyer can afford and close the deal.

The Bank of America Real Estate Center® is a tool a Realtor can tap into to find grant-eligible properties for a buyer who might need assistance with a down payment or closing cost. Grant-eligible properties include both new construction and bank-owned properties throughout the United States. The feature labels properties across the country that are eligible for Bank of America’s proprietary down payment (3% of purchase price or $10,000, whichever is less) and closing cost (up to $7,500) grants.

If you are considering purchasing a home, a Realtor can also help you navigate through what are myths and what are possibilities. Many buyers believe that you have to have 20% to put towards a downpayment. According to the National Associations of Realtors, the median amount was 6% for first-time buyers in 2019.  A Realtor can be creative when it comes to down payments, there are many low down payment mortgages, closing cost grants and down payment grants that they can research for a home buyer.

A Realtor can also help with a preapproval. A study revealed that 56% of potential home buyers did not feel it was necessary to get preapproved for a mortgage when searching for a home. A preapproval will set a buyer apart, the seller knows what they can afford and that they are a serious buyer.

If you are a first-time homebuyer now is a great time to purchase a home. Make sure to contact a local real estate agent who can help you find the right home for the right price.

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