Mayor Jerry Dyer announced a collaboration with Bank of America on Thursday that provides as much as $17,500 to qualifying Fresno residents to buy their first home.

The program is designed to help people in underserved areas overcome two of the big barriers to homeownership: saving for a down payment and coming up with closing costs.

Grants Don’t Have to Be Paid Back

The Bank of America Down Payment Grant provides up to 3% of the house purchase price or $10,000 toward a down payment. The funds do not require repayment.

America’s Home Grant® offers a lender credit of up to $7,500 that can be used for closing costs, such as title insurance and recording fees, or to permanently buy down the interest rate. The funds do not require repayment and can be combined with funds from the down payment grant.

Certain eligibility requirements apply, such as being owner-occupants.

More Details to Come

Dyer said in a news release that the grant program aligns with his One Fresno Housing Strategy.

More details about the program will be announced Friday morning outside City Hall at a news conference featuring Dyer and Bank of America officials.