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Bank of America plans to help potential homebuyers in Baltimore with downpayments, closing costs

Bank of America plans to offer some potential homebuyers in the Baltimore metro area up to $17,500 to pay up-front costs, which are often out-of-pocket and the biggest barrier to making a purchase.

The Down Payment Grant Program will offer the money as part of the bank’s $5 billion pledge to help more than 20,000 people buy a home. It is aimed at first-time homebuyers purchasing in government-designated low- to moderate-income areas.

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Funds includes a grant of 3 percent of the home purchase price, up to $10,000, for a down payment. It also could include up to $7,500 for closing costs. Through the fall, the bank also is waiving the lender origination fee on some loans, such as VA or FHA-backed loans, up to $1,000.

There are restrictions, and more information can be found at bankofamerica.com/firsthome.

Bank of America also announced last week that it would contribute $100,000 to YouthWorks, Baltimore City’s summer jobs program, bringing its total contributions this year in Maryland to $720,000 to more than 30 nonprofit organizations.

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