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.
Three ways to get started now
1 Down Payment program and America's Home Grant 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%. 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. 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 one specific mortgage product. 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. 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.
4 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.
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.