Bank of America says it has launched a new web-based tool to guide consumers to down-payment and closing-cost assistance programs available in their region. 

The Bank of America Down Payment Resource Center is powered by Down Payment Resource, developed by Atlanta-based Workforce Resource.

“Taking a few minutes to answer fewer than five questions can get you one step closer to homeownership. Through a simple process, you can find out immediately which federal, state or local down payment and closing cost programs you might be eligible for,” says Dottie Sheppick, senior vice president of affordable housing for Bank of America. 

With a variety of qualifying criteria, there could be a down-payment assistance program for most buyers, Sheppick says.

In a recent survey that Bank of America conducted with first-time homebuyers, about half of respondents indicated affordability was a barrier to purchasing a home. In addition, 70 percent of adults in the U.S. said they were unfamiliar with down-payment assistance programs for middle-income homebuyers in their community, according to a NeighborWorks America survey.

“Lack of funds for a down payment has long been one of the most common barriers to buying a home,” says Rob Chrane, president and CEO of Down Payment Resource. “Many buyers assume down-payment programs offered by state and local housing authorities are only for lower-income candidates, but there are programs available for middle-income buyers too.” 

Chrane says programs are available that cover a variety of eligibility criteria that aren’t based on income, and homebuyers concerned about affordability should investigate down-payment assistance.

While visiting the Bank of America Down Payment Resource Center, customers can search a database of more than 1,300 down-payment and closing-cost assistance programs. They also can learn how to use down-payment and closing-cost programs in combination with first mortgage loans to make home buying more affordable. They also can get information on preparing to purchase a home and connect with a mortgage specialist to explore options.

Workforce Resource has partnered with many nonprofit organizations, Realtor associations, multiple listing services, and financial institutions to share its web-based products with real estate professionals and consumers. The partnership with Bank of America represents its first national partnership and first with a major lender.

Bank of America is one of the world’s largest financial institutions, serving individual consumers, small- and middle-market businesses, and large corporations with a range of banking, investing, asset management, and other financial and risk-management products and services. 

The company serves about 48 million consumers and small businesses with about 4,800 retail banking offices and approximately 15,800 ATMs. Its online banking features have about 31 million active users and approximately 17 million mobile users. 

The company serves clients through operations in all 50 states, the District of Columbia, the U.S. Virgin Islands, Puerto Rico, and more than 35 countries. 

Down Payment Resource (DPR) was developed by Atlanta-based Workforce Resource, a web-based software company with a mission to connect people with hard-to-find financial resources. DPR helps potential homebuyers become qualified buyers by connecting them to down-payment assistance funds they might not have otherwise known existed. DPR, winner of the 2011 Inman News Innovator “Most Innovative New Technology” award, is licensed to Multiple Listing Services, Realtor associations, financial institutions, and housing counselors across the U.S.