Low Down Payment Mortgage for First-time Homebuyers

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Making homebuying more affordable with a 3% down payment^adatext

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Our commitment to affordable homeownership

We're committed to helping homebuyers thrive through the power of homeownership. The Bank of America Community Homeownership Commitment^® provides solutions for modest-income and first-time homebuyers, including affordable mortgages, grant programs, resources and expertise.

Affordable Loan Solution® mortgage
This mortgage offers a 3% down payment and a competitive rate.^adatext

Key requirements

Homebuyer education may be required for first-time homebuyers from a HUD-approved counseling agency.^adatext
Income and loan amount limits apply and vary by location.
One-unit properties: up to 97% loan-to-value/105% combined loan-to-value. Additional restrictions apply for 2-unit properties. (CLTV > 95% requires secondary financing to be an affordable down payment assistance program.) layer
Loan amounts up to $726,200 with 3% down payment and up to $1,089,300 with 5% down payment in high-cost areas. layer
Mortgage insurance is required; however, it's at a reduced cost compared to most conventional loans.

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.^adatext

Other types of mortgages

Fixed-rate mortgages

Your interest rate remains the same for the entire loan term
Your monthly payment of principal and interest does not change during the loan term

Adjustable-rate mortgages (ARMs)

Interest rate may change periodically during the loan term
Your monthly payment may increase or decrease based on interest rate changes

Jumbo loans

For borrowers needing higher loan amounts
Available for primary residences, second or vacation homes and investment properties

FHA & VA loans

Government loans from the Federal Housing Administration^adatextand the U.S. Department of Veterans Affairs^adatext
Low down payment options with flexible credit and income guidelines

Resources and tools

Mortgage calculator

Closing costs calculator

Buying a home: A 5-step guide

First-time homebuyer information

Real Estate Center

Search millions of existing homes, new homes, and bank-owned properties

Top home loan assistance FAQs

Low down payment mortgage basics

When you're considering buying a home, the amount of your down payment plays an important role.
How much should you put down?
When you're considering buying a home, the amount of your down payment plays an important role.
How much should you put down?
Buying a home for the first time? Our tools and resources can help you get started.
Tips for first-time homebuyers
Buying a home for the first time? Our tools and resources can help you get started.
Tips for first-time homebuyers
Learn more about mortgages
Learn more about mortgages