the power to buy a home and build a community

Bank of America's Community Homeownership Commitment™ offers solutions to help make homeownership a reality.

The path to becoming a homeowner starts today


Get up to
$10,0001 off

your down payment or 3% of the purchase price, whichever is less.1 (Product availability restrictions apply.2)

Plus, get up to
$7,5001 off

your closing costs with America’s Home Grant®.3

And as low as 3%

payment on qualified mortgage options.

Three ways to get started now

Get prequalified5

Get started online with our Digital Mortgage Experience.

Call in

Have questions? Our lending specialists are ready to help.

Come by

Make an appointment with one of our specialists.

1 Down Payment program and America’s Home Grant program: Qualified borrowers must meet eligibility requirements such as being owner-occupants and purchasing a home within a certain geographical area. Maximum income and loan amount limits apply. Minimum combined loan-to-value must be greater than or equal to 80%. The home loan must fund with Bank of America. 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 either without notice. Not available with all loan products, please ask for details.

2 Additional information about the Down Payment program: Down Payment program is currently limited to two specific mortgage products. 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. The Bank of America Down Payment Grant program may only be applied once to an eligible mortgage/property, regardless of the number of applicants.

3 Additional information about the America’s Home Grant program: 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 may be used to lower the interest rate. The grant 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.

4 Maximum income and loan amount limits apply. Fixed-rate mortgages (no cash out refinances), 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.

5 Pre-qualification is neither pre-approval nor a commitment to lend; you must submit additional information for review and approval.

Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice. Bank of America, N.A., Member FDIC.  Equal Housing Lender. © Bank of America Corporation. Bank of America Community Homeownership Commitment is a trademark of Bank of America Corporation. What would you like the power to do?, America’s Home Grant and the Bank of America logo are registered trademarks of Bank of America Corporation.

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How much home can you afford?

Having a mortgage that weighs you down every month is never a good situation. No one wants that. So to make sure it doesn't happen, we're here to help you figure out what's affordable when it comes to owning a home.

In fact, we have two other videos you should watch called "Planning for Extra Costs When Buying a Home" and "What Makes Up a Mortgage Payment".

First and foremost, you probably want to create a budget if you haven't done so yet, so that you can realistically determine where a mortgage payment will actually fit in.

There's a video that can give you some great tips on how to build one, called “How To Set a Budget and Stick to It”.

Once you've got a budget in place, try your best to focus less on how much you can borrow and more on an amount that will fit comfortably within your life without putting any other financial plans on hold. That part is key.

A good rule of thumb is to take whatever you make each month before taxes and multiply that by 28%. That's how much a manageable monthly payment might be.

So for example, if you make $3500 a month, a realistic payment could be $980 including taxes and insurance.

There are also a lot of online tools that can help make this calculation even easier.

Then once you've determined exactly what you can afford, a good approach is to actually try on the payment.

That means taking the amount you're paying right now for rent, then setting aside the additional amount it would take to equal a mortgage payment when accounting for things like principal, interest, taxes, insurance (PITI) plus, any additional costs.

If, after a few months it ends up feeling like a comfortable payment, well you'll then have a better idea of what you're in for, when you do finally decide to take the leap.

Buying and particularly, owning a home is never easy. But with the right know-how, some patience and a little hard work, you'll soon be on your way to unlocking the front door to that new house you’ve always wanted. Especially since you'll have a mortgage that's manageable for you.

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Fixed vs. adjustable rate mortgages

Mortgages aren’t "one size fits all." And to get the one that’s best for you, it’s important to understand what makes them all different. To keep this simple, we’re just going to focus on two different kinds of mortgages: a fixed-rate mortgage, and an adjustable-rate mortgage. While there are a lot of different kinds of mortgages within those categories, figuring out which of these two types best suits your needs is a good place to start.

A fixed-rate mortgage is exactly what it sounds like. It’s a mortgage that keeps the same rate for the entire life of the loan, typically 15- or 30-year terms. So let’s say you take out a 30-year fixed-rate mortgage with a $2000 monthly payment this year. You’ll still be making that same payment of principal and interest 10, 20 and 30 years down the line.

Then there are adjustable-rate mortgages, also known as ARMs. These mortgages have interest rates that can change depending on market conditions, meaning that your monthly payment can go up or down. The most popular type of ARM taken out today is a fixed-period ARM, also known as a hybrid ARM. They’re based on a 30-year term and typically start with an initial fixed-interest rate for a specific period of time, usually 5, 7 or 10 years. For example, a five-year ARM will be referred to as a 5/1 ARM, and its interest rate will stay the same for the first five years. Because the interest stays the same for five years, the monthly payment of principal and interest will also stay the same for this time period. But after that fifth year, the interest rate is subject to change annually for the remaining 25 years left on the mortgage. The rate will change based upon changes in the current financial market, and that means that your monthly payments will change based on the interest rate applicable at the time of adjustment. So make sure that you’re prepared to make higher monthly payments if interest rates rise.

So which of these loan types is best for your situation? Asking yourself some key questions can help you figure it out. One – do you want the predictability of knowing what your principal and interest payments will be year after year? Two – are you planning to stay in your home for a long period of time? And three – do you want protection from rising interest rates in the future? If you answered yes to any of these questions, a fixed-rate mortgage may offer you the stability and predictability you need, especially if this home is where you plan on raising your family or retiring.

And now a few questions to help see if an ARM offers what you need. One – is this a starter home, or one that you aren’t planning to stay in for a long period of time? Two – do you believe that interest rates might go down in the future? And three – will you be able to afford your payments when the fixed-rate period is over and the rate resets- and possibly goes up? Now, if you answered yes to any of those questions, then an ARM might give you the biggest bang for your buck in the short term. That’s because many times the interest rate during the fixed period of the loan will be lower than what you’d typically get with a fixed-rate loan.

So when it comes to buying a home, whether now or in the future, it’s important to know the ins and outs of getting the right mortgage. What’s more, you need to have your financial house in order before you get started, so work out a budget. Look up current interest rates. Run some numbers using an online mortgage calculator. And be sure to be honest with yourself about how much home you can really afford. Because you’re not only setting out the welcome mat for a happy home, you’re making a financial commitment for many years to come.