Bank of America Expands Down Payment and Closing Cost Grants for New Hampshire Homebuyers

Bank of America brings grant program to New Hampshire homebuyers

Bank of America has extended its Down Payment Grant and America’s Home Grant programs to New Hampshire, giving qualified first-time buyers a meaningful boost toward homeownership in a state where affordability has been sliding for several years. The NH expansion was announced in June 2024 and is part of the bank’s broader $15 billion Community Homeownership Commitment, which aims to help 60,000 individuals and families buy affordable homes by 2025.

Ken Sheldon, President of Bank of America New Hampshire, said the bank continually evaluates where the need for grant assistance is greatest and expanded the program after monitoring affordability trends across the state.

How much money is available

Two separate grants are available, and they can be combined for eligible buyers:

• Down Payment Grant — up to 3% of the home’s purchase price, capped at $10,000, whichever is less. No repayment required.
• America’s Home Grant — up to $7,500 toward non-recurring closing costs (such as title insurance and recording fees) or to permanently buy down the interest rate. No repayment required.

Stacked together, a qualifying New Hampshire homebuyer may receive up to $17,500 in combined, non-repayable grant assistance.

Which New Hampshire counties are eligible

Geographic eligibility differs by program:

• Down Payment Grant (up to $10,000): available in Rockingham and Strafford counties.
• America’s Home Grant (up to $7,500): available in Cheshire, Grafton, Hillsborough, Merrimack, Rockingham, Strafford, and Sullivan counties.

Buyers in Rockingham or Strafford counties have access to both grants; buyers in the other five counties listed are eligible for closing cost assistance only.

Who qualifies

The grants are tied to the property’s location and the borrower’s income. General guidelines include:

• The property must be the buyer’s primary residence.
• Household income must fall under program limits that vary by county and census tract.
• Buyers apply the grants in conjunction with a Bank of America mortgage (including FHA, VA, conventional, and Bank of America’s Affordable Loan Solution mortgage, which offers down payments as low as 3%).
• First-time buyer homebuyer education is typically required on affordable mortgage products.

Where the Community Affordable Loan Solution fits in

Bank of America’s Community Affordable Loan Solution (CALS) — a separate zero-down, zero-closing-cost, no-mortgage-insurance product launched on August 30, 2022 — is not currently offered in New Hampshire. CALS is a Special Purpose Credit Program initially launched in designated neighborhoods in Charlotte, Dallas, Detroit, Los Angeles, and Miami, and it uses alternative credit criteria like on-time rent, utility, phone, and auto insurance payments rather than a traditional credit score.

New Hampshire buyers searching for “Bank of America down payment help” are more likely to benefit from the Down Payment Grant and America’s Home Grant combination described above, which together offer up to $17,500 in non-repayable assistance.

Why the NH expansion matters

The New Hampshire Association of Realtors has reported that single-family home affordability in the state has declined steadily since 2020, squeezing first-time buyers who struggle to save a down payment while also paying rent. Grants that do not need to be repaid — unlike deferred-payment or silent second loans — directly lower the cash needed to close without adding to the buyer’s long-term debt load.

How to apply

Prospective buyers can start by contacting a Bank of America lending specialist at 1-800-641-8362 or visiting Bank of America’s Mortgage Down Payment Center to check income and property eligibility. Grant funds are limited and are applied at closing through the mortgage process, so it’s worth getting pre-qualified early.

Bottom line

As of the June 2024 expansion, eligible first-time buyers in Rockingham or Strafford counties can combine up to $10,000 in down payment assistance with up to $7,500 in closing cost assistance from Bank of America — a potential $17,500 in grants that never need to be repaid. Buyers in Cheshire, Grafton, Hillsborough, Merrimack, and Sullivan counties remain eligible for the $7,500 closing cost grant only.