Good news for aspiring homeowners! Bank of America’s Community Homeownership Commitment™ is bringing together products and resources that can help modest-income borrowers buy homes of their own. By combining down payment assistance and closing cost help with a low down payment mortgage, you may find that a new home is within reach.
Home grant programs
Our America’s Home Grant® 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.
Our Down Payment Grant program offers a grant equaling 3% of the home purchase price, up to $10,000, to be used for a down payment in select markets. The grant program is not available with all mortgage products. The funds do not require repayment.
3% mortgage down payment options
Affordable Loan Solution® mortgage is a fixed-rate loan that offers a competitive rate with a down payment as low as 3% and no mortgage insurance. Income limits may apply.
Freddie Mac Home Possible® mortgage is a fixed-rate loan with a down payment as low as 3%. Mortgage insurance is required; however, it’s at a reduced cost from most conventional loans. Income limits apply.
More homebuying help
Visit the Bank of America Down Payment Center to search for programs you may be eligible for, including the America’s Home Grant and Down Payment Grant programs (available in select markets) plus other programs offered by state and local agencies, nonprofits, and employers.