Bank of America’s Community Homeownership Commitment
Good news for aspiring homeowners! Bank of America’s Community Homeownership Commitment™ is bringing together products and resources that can help modest-income borrowers buy homes of their own. By combining down payment assistance and closing cost help with a low down payment mortgage, you may find that a new home is within reach.
Home grant programs
Our America’s Home Grant® program offers a lender credit of up to $7,500 that can be used towards non-recurring closing costs, like title insurance and recording fees, or to permanently buy down the interest rate. The funds do not require repayment.1
Our Down Payment Grant program offers a grant equaling 3% of the home purchase price, up to $10,000, to be used for a down payment in select markets. Grant Program is currently limited to two specific mortgage products. Contact a lending specialist for more information. The funds do not require repayment.2
3% mortgage down payment options
Freddie Mac Home Possible® mortgage is a fixed-rate loan with a down payment as low as 3%. Mortgage insurance is required; however, it’s at a reduced cost from most conventional loans. Income limits apply.3