Our a wide range of loan products meet your clients' needs
Long-term rate locks up to 360 days with Builder Rate Lock Advantage®
Bank of America doesn’t offer construction financing for homebuyers, but we do offer some of the most competitive terms for permanent financing on new construction (after home completion). Our ability to lock in an interest rate for up to 360 days1 in advance of completion means buyers can run their construction financing and permanent loan applications concurrently, taking the guesswork out of future interest rates. Buyers can secure their permanent interest rate now through our Builder Rate Lock Advantage® program. Plus, there's a one-time option to relock to a lower interest rate or use discount points, or both.2
Up to $17,500 in closing cost and down payment help
With Bank of America’s Community Homeownership Commitment®, homebuyers can combine down payment and closing cost programs with a low down payment mortgage to bring a new home within reach.
- The 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 grant is available in select markets, and the funds do not require repayment.3
- Our Down Payment Grant program offers a grant up to 3% of the home purchase price or up to $10,000, whichever is less, to be used for a down payment in select markets. The grant program is available with one mortgage product. The funds do not require repayment.4
- Our 3% down payment fixed-rate mortgage, Affordable Loan Solution®, offers a competitive rate.5
Visit our Down Payment Center or download the flyer for more information.
- Loan amounts up to $5 million on owner-occupied properties, up to $3 million on second homes and up to $1 million on investment homes.6
- 10-year interest-only payment option7 on adjustable-rate mortgages (ARMs)8 up to $5 million and on fixed-rate mortgages up to $2 million.
- Lower down payment options with no mortgage insurance for qualified borrowers on owner-occupied properties with loan amounts up to $2 million (not available with an interest-only payment option).
Fixed-rate and adjustable-rate mortgage loans with the option to put as little as 5% down. Mortgage insurance may be required if the down payment is less than 20%.
Our Doctor Loan is specifically designed for licensed and practicing doctors and dentists, medical residents and fellows, and other eligible medical professionals.9
Flexible qualifying guidelines with down payments as low as 3.5% of the purchase price.13 Gift funds can be used for down payments. Good option for buyers who have limited savings and/or do not meet conventional credit standards.
Fixed-rate loan with as little as zero down payment for qualified veterans of the U.S. armed services and their spouses.14