Bank of America says it will help low- and moderate-income people in the U.S. become homeowners by extending $5 billion in mortgages. The five-year program, called Neighborhood Solutions, also includes grants for down payments and closing costs and mortgage packages with small down payments.
“We know many of our clients want the power to own their first home, which can sometimes be challenging,” D. Steve Boland, the bank’s consumer lending head, said in the statement. The new programs will “aid them in overcoming barriers and put sustainable homeownership within reach.”