If you’re thinking about buying a home, our expert mortgage loan officers can tell you about the affordable housing assistance programs in which Bank of America participates.Footnote 1 When combined with an eligible government loan, these assistance programs can help qualified homebuyers achieve successful homeownership.
- Down payment and closing cost assistance programs. Many local and state housing agencies, as well as nonprofits, provide Glossary Term: down payment and Glossary Term: closing cost assistance for borrowers in their area. Our mortgage loan experts have access to programs across the nation that could benefit you when you are trying to determine how to afford down payment and closing costs.
- Employer-assisted housing programs. Some employers provide down payment and closing cost assistance for their employees. The funds are sometimes granted without any payback requirements. Other times, the borrower signs a note or other security document that describes the terms for paying back the assistance. Employer-assisted housing programs are designed and administered by your employer.
- Mortgage credit certificates. A housing agency may issue mortgage credit certificates to potential homebuyers in their area. The certificates are issued directly by the agency to the borrower. The credit may allow eligible borrowers to reduce their withholding tax. The borrower may pay less tax, which frees up more funds to qualify.
- Homebuyer education. Homebuyer education (HBE) programs help borrowers understand the home-buying process from start to finish and enable borrowers to become “buyer-ready.” HBE course content includes topics such as money management, managing credit, preparing for homeownership and foreclosure prevention. All borrowers can benefit from homebuyer education. Some products and programs require the borrower to complete formal HBE training.
Learn more about affordable housing programs from a Bank of America mortgage loan officer now.