Consumer prices in the United States have risen recently. According to the Consumer Price Index or CPI, annual inflation in the United States hit 6.2 percent in October 2021, the highest rate in more than three decades. The country’s annual inflation rate was the eighth-highest among 46 countries studied.
Inflation In US
An increase in the cost of all consumer goods and services is referred to as “inflation.” A general measure of how much things have gotten more expensive over time is what this is all about. The Consumer Price Index (CPI), which the US Bureau of Labor Statistics calculates, is the most commonly used method for measuring inflation, as per The Guardian.
According to BGR, at the moment, nearly 80 percent of Americans say that inflation is affecting their personal lives, and 57 percent hold President Biden responsible. The housing market is not exempt from the effects of all of this. In August, home prices rose 19.8 percent year-over-year, according to the S&P CoreLogic Case-Shiller Indices.
Bank Of America Home Grant Programs
Home grant programs offered by Bank of America are aimed at assisting low-income families in purchasing a home. A credit of up to $7,500 is available through America’s Home Grant program to help with one-time closing costs, such as title insurance and recording fees, or permanently lower the interest rate. There is no obligation to repay the money.
The other program grants equal to 3 percent of the home’s purchase price up to $10,000 are available as part of our Down Payment Grant program in select markets. Only two mortgage products are eligible for the grant. There is no obligation to repay the money. According to their company site, the Banks say that these programs have assisted nearly 30,000 people in purchasing homes.
According to The Sun, eligibility requirements must be met to receive these grants. On their website, Bank of America provides a list of requirements for qualified borrowers, which include:
- Owners who live in their own homes.
- Having a certain amount of disposable income.
- Buying a house in a specific geographical area.
- There must be at least an 80 percent loan-to-value ratio in order to get a mortgage.
- Limits on income and loan amounts are in place.
- To get a mortgage, borrowers must use Bank of America.
- Bank of America reserves the right to modify or discontinue these two grant programs, or any portion of them, at any time without prior notice.
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