Help for West Michigan Homebuyers is Available, Including Down Payment Assistance

By Paul Keifer, President, Bank of America West Michigan

There are countless reasons to want to buy a home, from increasing financial stability to building generational wealth for your family.

But potential homebuyers are also facing higher home prices, elevated mortgage rates, and fewer options with tighter inventory in the Grand Rapids market, according to the Greater Regional Alliance of REALTORS (GRAR).

Needless to say, navigating today’s housing market can seem daunting, but with the right tools and support, homeownership is far more attainable than many realize. A key step for prospective buyers is the challenge of determining the best time to buy. Bank of America’s 2025 Homebuyer Insights Report shows:

— Sixty percent of current homeowners and prospective buyers say they can’t tell whether now is a good time to buy a home or not, compared to 48% two years ago

— Fifty-two percent of prospective homebuyers are optimistic about the state of the home-buying market, saying it’s better now than it was a year ago

— Seventy-five percent of prospective homebuyers expect home prices and interest rates to fall and are waiting until then to buy a new home, up from 62% in 2023.

Once a prospective buyer identifies the best time to buy, there are various resources available to help them navigate their journey to homeownership, such as talking with a local lending officer. Loan officers can clarify the loan size a buyer may qualify for and break down potential financing options. They can also help buyers assess their finances by reviewing their income, expenses and savings to estimate what monthly mortgage payment would be manageable.

Another helpful tool is searching local listings with grant eligibility. Tools like Bank of America’s Real Estate Center® helps potential buyers explore properties in their area, and even identify those eligible for down payment and closing cost assistance. Then, potential homebuyers can explore which national and local down payment assistance programs are best for them.

For example, Bank of America’s Community Homeownership Commitment® provides substantial financial support and can be transformative for prospective buyers. This includes an innovative low-down payment mortgage and financial education tools to help make homeownership more affordable, along with a grant program called America’s Home Grant®.

In the Grand Rapids area, this grant program provides eligible clients with a lender credit up to $7,500 to be used for non-recurring closing costs, such as title insurance and recording fees or to buy down their interest rate. This is not a loan, so it does not need to be repaid.

Bank of America's Community Homeownership Commitment is designed primarily for low-to-moderate income households and first-time homebuyers. The program is available to all who meet the income requirements.

The Grand Rapids Housing Assistance Fund also offers grants of up to $7,500 to eligible homebuyers. Additional local grants are available through Habitat for Humanity of Kent County with grants totaling at least $15,000 in down payment assistance.

Homeownership remains a key generational wealth-building tool, and by removing financial barriers, affordable homeownership solutions support stronger local communities and economic opportunity. Help is available through the entire home-buying process. Learning about interest rates, fees, and terms doesn’t have to be overwhelming. There are trusted resources like lenders, real estate agents, friends and family to guide you to finally owning your own home.