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Find a program Bank of America Down Payment CenterBank of America is committed to helping you thrive through the power of homeownership. The 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 Down Payment Center 1 is a resource to help search for programs you may be eligible for, including our America's Home Grant® 2 and Down Payment Grant program (these grants are not a loan, so they do not need to be repaid). 3 Many state and local organizations offer programs that could help you with the up-front costs of buying a home also. When combined with a 3% down payment mortgage—such as our Affordable Loan Solution® mortgage 4 —these programs can help make buying a home more affordable.
Simply select your state to search for programs you may be eligible for and then connect with your lending specialist about other down payment assistance and closing cost assistance options. If your state is not listed, please ask your lending specialist about other down payment and closing cost options.
Qualified homebuyers may receive a lender credit for nonrecurring closing costs through our America's Home Grant® program in select markets. 2 The funds do not require repayment.
Select your state above to see if this program is available in your area.
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. The funds do not require repayment. Limited to one mortgage product. 3
Select your state above to see if this program is available in your area.
Visit the Bank of America Real Estate Center® to search for specific homes that may qualify for America's Home Grant® and Down Payment Grant programs.
The Bank of America First-Time Homebuyer Online Edu-Series® educates first-time homebuyers about affordable mortgages, down payment and closing cost grants and 5 steps to home buying. Available in English and Spanish.
Looking for additional options for homebuyer education providers? Visit U.S. Department of Housing and Urban Development (HUD) to start your search.
Did you know that many housing agencies, nonprofit organizations, and even employers offer programs that could help you with the up-front costs of buying a home?
When combined with a low-down-payment mortgage, these programs can make buying a home more affordable.
You are invited to apply. Your receipt of this material does not mean you have been prequalified or preapproved for any product or service we offer. This is not a commitment to lend; you must submit additional information for review and approval. If you are refinancing to lower your monthly payment or change from a variable-rate to a fixed-rate loan, you should carefully consider the potential increase in the total number of monthly payments and/or the total interest charges paid over the full term of the new refinance loan – especially for borrowers who currently have loan terms less than 30 years.
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. Third party program providers supply the information displayed in the DPC and determine eligibility requirements for all programs. Program availability and eligibility criteria are subject to change without notice. Neither the accuracy of program information nor the suitability of a program for your situation are guaranteed.
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 which can 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. Maximum income and loan amount limits apply. The home loan must fund with Bank of America. Bank of America may change or discontinue the America’s Home Grant Program or any portion of it without notice. Not available with all loan products, please ask for details.
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%. 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 home loan must fund with Bank of America. Down Payment Grant may only be applied once to an eligible mortgage/property, regardless of number of applicants. Homebuyer education is required. Bank of America may change or discontinue the Bank of America Down Payment 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 mortgages (purchases or 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.
Down payment and/or closing cost assistance programs may not be available in your area. Down payment and/or closing cost assistance amount may be due upon sale, refinance, transfer, repayment of the loan, or if the senior mortgage is assumed during the term of the loan. Some programs require repayment with interest and borrowers should become fully informed prior to closing. Not all applicants will qualify. Minimum credit scores may apply. Sales price restrictions and income requirements may apply. Homebuyer education may be required. Owner-occupied properties only. Maximum loan amounts may apply.
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.
Affordable Loan Solution, America's Home Grant, Bank of America Community Homeownership Commitment, Bank of America First-Time Homebuyer Online Edu-Series, Bank of America Real Estate Center, Bank of America and the Bank of America logo are registered trademarks of Bank of America Corporation.