Fresno First-Time Homebuyer Program Offers $17,500 in Help - GV Wire - Explore. Explain. Expose
Connect with us

Housing

Fresno First-Time Homebuyer Program Offers $17,500 in Help

Published

on

The program is aimed at people in underserved areas who need help with a down payment and closing costs. (Shutterstock)
Share with friends

 

Mayor Jerry Dyer announced a collaboration with Bank of America on Thursday that provides as much as $17,500 to qualifying Fresno residents to buy their first home.

The program is designed to help people in underserved areas overcome two of the big barriers to homeownership: saving for a down payment and coming up with closing costs.

Grants Don’t Have to Be Paid Back

The Bank of America Down Payment Grant provides up to 3% of the house purchase price or $10,000 toward a down payment. The funds do not require repayment.

America’s Home Grant® offers a lender credit of up to $7,500 that can be used for closing costs, such as title insurance and recording fees, or to permanently buy down the interest rate. The funds do not require repayment and can be combined with funds from the down payment grant.

Certain eligibility requirements apply, such as being owner-occupants.

More Details to Come

Dyer said in a news release that the grant program aligns with his One Fresno Housing Strategy.

More details about the program will be announced Friday morning outside City Hall at a news conference featuring Dyer and Bank of America officials.

Bill McEwen is news director and columnist for GV Wire. He joined GV Wire in August 2017 after 37 years at The Fresno Bee. With The Bee, he served as Opinion Editor, City Hall reporter, Metro columnist, sports columnist and sports editor through the years. His work has been frequently honored by the California Newspapers Publishers Association, including authoring first-place editorials in 2015 and 2016. Bill and his wife, Karen, are proud parents of two adult sons, and they have two grandsons. You can contact Bill at 559-492-4031 or at Send an Email

Continue Reading
Advertisement GVwire