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Turn the house you want into the home you own

Our Community Affordable Loan Solution® mortgage can help you turn your vision into reality.

Available in: Charlotte, NC; Dallas, TX; Detroit, MI; Miami, FL; and Los Angeles, CA.

View eligible counties

A father with his daughter on his shoulders in front of their house.

Take advantage of these great benefits

Down payment provided.¹ Bank of America will provide a down payment to help lower your loan amount, reducing your monthly payment.
Zero lender closing costs.² Other costs will apply.
No mortgage insurance is required. No minimum credit score is required, however applicants must meet credit history guidelines. Non-traditional credit is allowed.

Homebuyers who have not owned a home in the past 3 years may qualify. Eligibility based on income and home location. Homebuyer certification course completion required prior to application.³

Additional resources for your homebuying journey

Buying a home with a low down payment

Home affordability calculator

Buying a home with a low down payment

Find out how low down payment options can help you buy your home.

Read this article

Home affordability calculator

Input your budget, income and expense information and our calculator will estimate what home price you can afford.

Try it out

Find your home

Discover homes that qualify for the Community Affordable Loan Solution® and homebuyer grants.

Step one

Use our search function to find home listings in your area.

Get started

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Step two

Use filters to find home listings that qualify for the Community Affordable Loan Solution® and grants.

Get started

A laptop screen with a list of filters is on the screen over a map

Step three

Look for the Community Affordable Loan Solution® icon to spot eligible homes.

Get started

A laptop screen showing a home listing with the Community Affordable Loan Solution® Icon

Build your future

Whether you have questions or you’re ready to apply, take another step toward homeownership below.

Ready to talk

Ready to meet

Ready to talk

Questions? Call to speak with a lending specialist.

Call

Ready to meet

To get started on buying your first home, book an appointment with one of our specialists.

Schedule now

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.

1

Maximum income and loan amount limits apply. Income cannot exceed 150% of the area median income limits, regardless of census tract income designation. Fixed-rate mortgages (no refinances), primary residences only. Applicants must have had no home ownership (sole or joint) in a residential property in the past 3 years. Only properties in eligible markets qualify. Refer to bankofamerica.com/realestatecenter for information on eligible properties. Maximum loan-to-value (“LTV”) is 100% and maximum combined LTV is 106%; 2-4 units: 95%/106%. Max LTV equals the lesser of the purchase price or the appraised value minus the down payment grant amount. Any secondary financing must be from an approved Community Second Program. Bank-provided down payment funds vary by eligible market, can be applied toward down payment only, and do not require repayment. These funds cannot be combined with the Bank of America Down Payment Grant or America’s Home Grant. The down payment funds provided in the Community Affordable Loan Solution program (up to $10,000 or up to $15,000) may be considered taxable income. The borrower is not required to accept the down payment funds. A 1099-MISC will be issued. Consult with your tax advisor.

2

Bank of America will waive all lender closing costs. Borrower is responsible for other applicable costs such as insurance, property taxes, discount points, homeowner association dues, prepaid interest, etc.

3

All applicants must complete the Community Affordable Loan Solution Homebuyer Certification program (including one-on-one counseling) from an approved provider, prior to the application date. Proof of completion is required. Applicants must provide written consent permitting Bank and housing counseling provider to share their information after the loan closes. For the purchase of a 2-4 unit property, at least one qualifying applicant must have a certificate of completion from a Landlord Education program prior to final loan 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. Community Affordable Loan Solution, Bank of America and the Bank of America logo are registered trademarks of Bank of America Corporation.

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