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New down-payment grants aimed at helping Orlando-area renters become home buyers

Friday, June 21, 2019
Kate Santich | Orlando Sentinel
Melissa Stegman

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. Only home-buyers who earn no more than 80 percent of area median income are eligible. In Orange County, that translates to a cap of $50,320 a year.

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