The majority of down payment assistance programs are compatible with NACA and are an excellent source of funding to buy down your interest rate. we got a $6k interest-free loan through a downpayment assistance program. The funds do not require repayment. This program is open to those with approved FHA loans buying new or resale homes. Loan amounts up to $510,400 with 3% down payment and up to $765,600 with 5% down payment in high-cost areas. This program provides closing cost assistance for eligible clients in select markets. Equal Housing Lender new window. Grant Program is currently limited to two specific mortgage products. it adds $50/mo to our mortgage payment for the next 10 years on a 30-year mortgage. To learn more about relationship-based ads, online behavioral advertising and our privacy practices, please review Bank of America Online Privacy Notice and our Online Privacy FAQs. Limited to two mortgage products.Footnote 3 For you and your family, your business and your community. We strive to provide you with information about products and services you might find interesting and useful. (CLTV > 95% requires secondary financing to be an affordable down payment assistance program.) ... Bank of America, N.A. The grant program will … The funds do not require repayment. This is not a commitment to lend. Cash grants: Bank of America offers closing credits up to $7,500 and down payment grants of up to $10,000 (the programs can be combined for a total possible benefit of $17,500). Through the Down Payment Grant program, Bank of America gives eligible buyers 3 percent of the home purchase price, up to $10,000, to be used as a down payment, with no repayment necessary. Homebuyer education may be required. Bank of America is pledging $5 billion over the next five years in a homeownership grant to help homebuyers in Chatham, Bryan and Effingham Counties. Grant America offers up to $34,000 in down payment assistance. Lending, derivatives, and other commercial banking activities are performed globally by banking affiliates of Bank of America Corporation, including Bank of America… Down payment assistance (DPA) helps homebuyers with grants or low-interest loans that reduce the amount they need to save for a down payment. Grant programs . Qualified homebuyers may receive 3% of the purchase price with a maximum $10,000 (whichever is less) through our Down Payment Grant program in select markets. Bank of America Community Homeownership Commitment™ program provides solutions for modest-income and first-time homebuyers, including affordable mortgages, grant programs, resources and expertise. Our America’s Home Grant ® program offers a lender credit of up to $7,500 that can be used toward non-recurring closing costs, like interest rate. Home buyers may also be eligible for the bank’s closing cost grant … Besides being in certain geographical areas, it apparently can vary house to house as well. The bank … Through the new Down Payment Grant program, Bank of America will give -no repayment necessary- eligible home buyers 3% of the home purchase price (up to $10,000) to be used for the down payment. America’s Home Grant. When combined with a 3% down payment mortgage—such as our Affordable Loan Solution® mortgageFootnote 4 and the Freddie Mac Home Possible® mortgageFootnote 4—these programs can help make buying a home more affordable. Terms and conditions apply. Maximum income and loan amount limits apply. Amounts are based on loan amount of $200,000, interest rate of 4.185%, APR of 5.132%, $6,023 due from borrower at closing ($8,000 down payment paid through down payment assistance program). Bank of America hopes to expand the program soon. Down Payment Grant program may be considered taxable income, a 1099-MISC will be issued, consult with your tax advisor. Bank of America First-Time Homebuyer Online Edu-Series and Bank of America Community Homeownership Commitment are trademarks of the Bank of America Corporation. The America's Home Grant Program is a lender credit. Bank of America, N.A. Freddie Mac Home Possible® mortgage is a fixed-rate loan with a down payment as low as 3%. Loan down payment example is based on a 30 year fixed conventional mortgage loan with 4.0% down (provided through the Down Payment Assistance program). Visit the Bank of America Real Estate Center®Footnote 5 to search for specific homes that may qualify for America's Home Grant® and Down Payment Grant programs. Where you can monitor your account may use an auto-dialer to reach you about products resources., primary residences only buy down your interest rate cost options loans new. 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