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Richard Winter, Vice President and Area Lending Manager for Bank of America’s Baltimore region.

Richard Winter, Vice President and Area Lending Manager for Bank of America’s Baltimore region.

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Bank Of America Launches $5 Billion Home Loan Assistance Program

Bank of America has committed to remove the barrier of saving up for a down payment towards home ownership with the announcement of a new $5 billion affordable homeownership initiative for low-to-moderate-income and multicultural homebuyers across the country. The new Bank of America program includes down payment and closing cost assistance; innovative low down payment mortgages; grants that can be applied to non-recurring closing costs; a national network of lending professionals; easy-to-understand financial education tools; strategic partnerships with real estate professionals; and a national network of knowledgeable affordable housing nonprofit partners who provide in-depth homebuyer education and counseling.