Making homes more affordable in your metro market
Attainable Housing: Challenges, Perceptions and Solutions, by the Urban Land Institute’s (ULI) Terwilliger Center for Housing and real estate consulting firm RCLCO
The Bank of America Down Payment Center (DPC) is managed by Bank of America. Information on the DPC is provided as a resource for your convenience and is not a verification of, prequalification for, application to, or approval by, any third-party program provider or for any mortgage or other financing. The DPC includes Bank of America and third-party programs. Bank of America supplies the information and determines eligibility requirements for the Bank of America programs. Third-party program providers supply the information and determine eligibility requirements for their programs (Third-Party Programs). Neither the accuracy of the Third-Party Program information or the suitability of the Third-Party Program for your situation are guaranteed. Program availability and eligibility criteria are subject to change without notice. Bank of America is not affiliated with, and does not endorse or recommend, any Third-Party Program.
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 that may be used to lower the interest rate. It 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.
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%. 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. For properties not located in a low- to moderate-income census tract, the maximum borrower/co-borrower annual qualifying income limit is 80% of Federal Financial Institutions Examination Council Area Median Income. For properties located in a low- to moderate-income census tract, there are no income limits. These income limits are subject to change without notice. The home loan must fund with Bank of America. The Bank of America Down Payment Grant Program may only be applied once to an eligible mortgage/property, regardless of the number of applicants. Bank of America may change or discontinue the Bank of America Down Payment Grant Program or America’s Home Grant Program or any portion of it without notice. Not available with all loan products, please ask for details.
Maximum income and loan amount limits apply. Fixed-rate purchase loans, 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.