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Homebuyer Grants
Community Affordable Loan Solution mortgage or Homebuyer Grants are available
Community Affordable Loan Solution mortgage
This property may qualify for one of the following Bank of America mortgages:
This property may qualify for the following Bank of America mortgage:
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Community Affordable Loan Solution® mortgage
Down Payment Provided.1 Bank of America will provide a down payment to help lower your loan amount, reducing your monthly payment. Zero lender closing costs. Other costs will apply.2 No mortgage insurance is required. No minimum credit score is required, however applicants must meet credit history guidelines. Non-traditional credit is allowed. Homebuyer education course completion is required prior to application.3 You must not have owned a home in the last 3 years to qualify. Eligibility based on income and home location.
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Affordable Loan Solution® mortgage4 + Homebuyer Grants
Requires a minimum 3% down payment and can be combined with the following homebuyer grants: America's Home Grant that covers up to $7,500 in eligible nonrecurring closing costs;5 and, our Down Payment Grant that pays up to $10,000 toward your down payment or 3% of the purchase price, which ever is less.6 Mortgage insurance is required. Homebuyer education course completion is required. The funds do not require repayment.
- America's Home Grant® program from Bank of America is a lender credit that covers up to $7,500 in eligible nonrecurring closing costs1. The funds do not require repayment.
- America's Home Grant® + Down Payment Grant programs from Bank of America cover up to $7,500 in eligible closing costs1. Plus, up to $10,000 toward your down payment or 3% of the purchase price, whichever is less2. The funds do not require repayment. (Product availability restrictions apply.)
Disclosures
- Maximum income and loan amount limits apply. Income cannot exceed 150% of the area median income limits, regardless of census tract income designation. Fixed-rate mortgages (no refinances), primary residences only. Applicants must have had no home ownership (sole or joint) in a residential property in the past 3 years. Only properties in eligible markets qualify. Refer to bankofamerica.com/realestatecenter for information on eligible properties. Maximum loan-to-value ("LTV") is 100% and maximum combined LTV is 106%; 2-4 units: 95%/106%. Max LTV equals the lesser of the purchase price or the appraised value minus the down payment grant amount. Any secondary financing must be from an approved Community Second Program. Bank-provided down payment funds vary by eligible market, can be applied toward down payment only, and do not require repayment. These funds cannot be combined with the Bank of America Down Payment Grant or America's Home Grant. The down payment funds provided in the Community Affordable Loan Solution program (up to $10,000 or up to $15,000) may be considered taxable income. The borrower is not required to accept the down payment funds. A 1099-MISC will be issued. Consult with your tax advisor.
- Bank of America will waive all lender closing costs. Borrower is responsible for other applicable costs such an insurance, property taxes, discount points, homeowner association dues, prepaid interest, etc.
- All applicants must complete the Community Affordable Loan Solution Homebuyer Certification program (including one-on-one counseling) from an approved provider, prior to the application date. Proof of completion is required. Applicants must provide written consent permitting Bank and housing counseling provider to share their information after the loan closes. For the purchase of a 2-4 unit property, at least one qualifying applicant must have a certificate of completion from a Landlord Education program prior to final loan approval.
- Maximum income and loan amount limits apply. Fixed-rate mortgages (purchases or 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.
- Qualified borrowers must meet eligibility requirements including, but not limited to, being owner occupants, meeting certain qualifying income limitations and purchasing a home within a certain geographical area. Minimum combined loan-to-value must be greater than or equal to 80%. 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 which can 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. The home loan must fund with Bank of America. Bank of America may change or discontinue the America's Home Grant Program or any portion of it without notice. Not available with all loan products, please ask for details.
- 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%. 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 home loan must fund with Bank of America. Down Payment Grant may only be applied once to an eligible mortgage/property, regardless of number of applicants. Homebuyer education is required. Bank of America may change or discontinue the Bank of America Down Payment Grant Program or any portion of it without notice. Not available with all loan products, please ask for details.
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.
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