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Home Payment Assistance

Bank of America Down Payment program and America’s Home Grant program

Bank of America’s affordable homeownership initiative helps low- and moderate-income homebuyers across the country begin to build their personal wealth and family legacy through through a variety of solutions to make homeownership affordable and sustainable, including innovative low down payment mortgages, significant down payment and closing cost grants and wide-ranging financial education tools.

NAAC, as a HUD-approved counselor and Bank of America partner, accepts and processes grant applications subject to set eligibility criteria and fund availability.

“Becoming a homeowner can be as challenging as it is exciting. At Bank of America, we’re committed to helping prospective buyers overcome hurdles and doubts with innovative solutions and easy-to-understand information that gets them on the right path to building long-term wealth through affordable and sustainable homeownership.”

AJ Barkley, Senior Vice President – Neighborhood Lending

Fund Source

Bank of America

Role

Intermediary

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Program Highlights

If you are looking to purchase a home of your own, Bank of America’s  home ownership solutions may be just what can help you get started. By combining down payment assistance and closing costs, you may find that a new home is within reach.

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This program offers a grant equaling 3% of the purchase price, up to $10,000 whichever is less, to be used for a down payment for a home in select markets.

No repayment is necessary.

This program offers a lender credit of up to $7,500 that can be used towards non-recurring closing costs, like title insurance and recording fees, or to permanently buy down the interest rate. The funds do not require repayment and may be used with the Down Payment Grant.

To help with the upfront costs of owning a home, the Affordable Loan Solution® mortgage or Freddie Mac Home Possible® mortgage are competitive, fixed-rate mortgages with down payments as low as 3%, requiring lower- cost – or even no – mortgage insurance. Income limits apply.

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You are invited to apply. Your receipt of this material does not mean you have been prequalified or pre-approved for any product or service we offer. This is not a commitment to lend; you must submit additional information for review and approval.
Down Payment program and America’s Home Grant program: Qualified borrowers must meet eligibility requirements such as being owner-occupants and purchasing a home within a certain geographical area. Maximum income and loan amount limits apply. Minimum combined loan-to-value must be greater than or equal to 80%. The home loan must fund with Bank of America. Bank of America may change or discontinue the Bank of America Down Payment Grant program or America’s Home Grant program or any portion of either without notice. Not available with all loan products, please ask for details.
Additional information about the Down Payment program: Down Payment program is currently limited to two specific mortgage products. Program funds can be applied toward down payment only. Borrowers cannot receive program funds as cash back in excess of earnest money deposits. Down Payment Grant program may be considered taxable income, a 1099-MISC will be issued, consult with your tax advisor. May be combined with other offers. The Bank of America Down Payment Grant program may only be applied once to an eligible mortgage/property, regardless of the number of applicants. Homebuyer education is required.
Additional information about the America’s Home Grant program: The America’s Home Grant program is a lender credit. Program funds can only be used for nonrecurring closing costs including title insurance, recording fees, and in certain situations, discount points may be used to lower the interest rate. The grant cannot be applied toward down payment, prepaid items or recurring costs, such as property taxes and insurance. Borrowers cannot receive program funds as cash back.
Maximum income and loan amount limits apply. Fixed-rate mortgages (no cash out refinances), primary residences only. Certain property types are ineligible. Maximum loan-to-value (“LTV”) is 97%, and maximum combined LTV is 105%. For LTV >95%, any secondary financing must be from an approved Community Second Program. Homebuyer education may be required. Other restrictions apply.
Pre-qualification is neither pre-approval nor a commitment to lend; you must submit additional information for review and approval.
Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.