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Low down payment mortgage

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

What are LTV and CLTV?

Loan-to-value ratio (LTV) is the total amount of your mortgage compared to the home's appraised value, expressed as a percentage.

The combined loan-to-value (CLTV) ratio is the ratio of all secured loans on a property to the value of a property.

What is a high-cost area?

High cost housing markets are designated by government sponsored enterprises, Fannie Mae and Freddie Mac, and represent markets where the average cost of housing is higher than the general market.

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 adatext and the U.S. Department of Veterans Affairs adatext

  • Low down payment options with flexible credit and income guidelines

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Low down payment mortgage basics

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