Get free money from Chase and Bank of America by answering 13 questions
Get free money up to $22,500 from Chase and Bank of America to help buy your home
In a recent article published by The U.S. Sun, Chase, Bank of America, and other organizations launched initiatives to get up to $22,500 in the hands of US residents looking to buy.
A homebuyer grant by Chase and Bank of America is a direct payment that can go straight toward steep out-of-pocket mortgage costs for those who qualify. First-time buyers should take advantage of the programs offered by Chase and Bank of America as the money does not have to be paid back.
The money from Chase and Bank of America is handed out to low-income folks as a way to bolster the local economy by increasing spending and small business ownership. There are several eligibility requirements by Chase and Bank of America that will likely determine if the buyer can receive some money.
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The requirements to get the homebuyer grant from Chase and Bank of America is the yearly income that a household makes. Most grant programs ask that the applicant earns 80 percent or less of the area median income (AMI), which would designate them as low-income. Chase and Bank of America qualifications for low-income status vary depending on how many people are in the household.
Chase and Bank of America homebuyer grant for house price limits could also be restricted within a certain range for the future home. Companies will ask that the recipient chips in some cash, but this could be as low as one percent of the purchase price. Chase and Bank of America grant programs also ask that the money go toward a primary residence rather than a home that could be rented out.
Chase and Bank of America offers two grant programs for first-time buyers. The America’s Home Grant can provide up to $7,500 in lender loans for closing costs while the Down Payment Grant will give a buyer up to $10,000 in down payment assistance. To get the free cash from Chase and Bank of America, you’ll have to borrow from Bank of America, and it’s important to note that the Down Payment Grant has to be claimed on your taxes.