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Bank of America Down Payment Center

SAVING TO BUY A HOME?
HERE'S HOW TO FIND HELP.

Bank 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 Center1 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® mortgage4—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.

Up to $7,500 closing cost help

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.

Up to $10,000 in down payment help

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.

Homebuyer grants

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.

Homebuyer education

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.

Types of down payment and cost savings programs5

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.

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Down Payment Assistance Programs (DAP or DPA)

  • Offered by:  housing agencies, municipalities and nonprofit organizations
  • May be used for:  down payment and/or closing cost assistance
  • Eligibility:  may have income limits, purchase price limits and first-time homebuyer requirements
  • Repayment:  may be deferred, forgiven or paid off gradually

 

Grants

  • Offered by:  housing agencies, municipalities and nonprofit organizations
  • May be used for:  down payment and/or closing cost assistance
  • Eligibility:  may have income limits, purchase price limits and first-time homebuyer requirements
  • Repayment:  repayment is not required

 

Employer Assisted Housing (EAH) Programs

  • Offered by:  employers
  • May be used for:  down payment and/or closing cost assistance
  • Eligibility:  there are usually no income limits, purchase price limits or first-time homebuyer requirements
  • Repayment:  funds may be deferred, forgiven, paid off gradually or received as a grant

 

 

Deed Restrictions for Inclusionary Zoning

  • Offered by:  housing agencies, municipalities and nonprofit organizations
  • May be used for:  Builders agree to reduce the sale price of designated units so they are more affordable for modest-income buyers
  • Eligibility:  may have income limits, purchase price limits and first-time homebuyer requirements
  • Repayment:  there may be resale restrictions that restrict the property to be sold only to a buyer whose household meets certain income requirements and at a price that is affordable to that household

 

 

Mortgage Credit Certificate (MCC)

  • Offered by:  housing agencies
  • May be used for:  tax credit which reduces your federal tax liability, resulting in additional income to help qualify for the loan
  • Eligibility:  may have income limits, purchase price limits and first-time homebuyer requirements
  • Repayment:  if you sell your home within the first nine years, a “recapture” tax may be required; you should consult with your tax advisor

 

Section 8 Housing Choice Voucher Program

  • Offered by:  public housing agencies
  • May be used for:  vouchers for monthly mortgage payment assistance are used as additional income to help you qualify for the loan
  • Eligibility:  may have income limits, purchase price limits and first-time homebuyer requirements
  • Repayment:  repayment is not required