Bank of America will provide a list of down payment and closing cost programs for its borrowers.
Down Payment Resource, a subsidiary of financial resource software firm Workforce Resource, said Wednesday the Charlotte, N.C.-based bank will use its data to drive a Down Payment Resource Center that consumers can access.
Bank of America's mortgage originators will also be able to access the directory as part of the loan application process.
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"Greater consumer awareness about their entire home financing options, including down payment programs, could easily boost home sales and buyer affordability this year," Rob Chrane, president/CEO of Down Payment Resource, said. "We're pleased to work with Bank of America and many other organizations to provide a critical link to affordable financing solutions."
Bank of America's down payment resource directory comes at a time when some credit unions have chosen not to participate in down payment assistance programs.
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