New down-payment grants aimed at helping Orlando-area renters become home buyers
As Orlando-area rents continue to climb, a major bank is offering a pair of home-buyer grants that could help low- and moderate-income residents make the leap to ownership. This week the region became one of 49 national markets targeted by Bank of America for a five-year, $5 billion affordable home ownership initiative. The effort provides eligible home buyers a down-payment grant of 3 percent of the home’s purchase price — up to $10,000 — and a separate lender credit of up to $7,500 that can cover one-time fees or be used to buy down the loan’s interest rate. Neither grant has to be repaid