Bank of America Offers Homebuyer Grants Up to $10,000 Plus Closing Cost Help

Bank of America’s Community Homeownership Commitment includes grants that can help eligible buyers cover down payment and closing costs.

The bank says its America’s Home Grant program can provide up to $7,500 toward non-recurring closing costs or a permanent interest-rate buydown. Its Down Payment Grant program can provide up to 3% of the purchase price, capped at $10,000, in select markets.

Do the grants need to be repaid?

Bank of America says both grant funds do not require repayment.

Who can qualify?

The programs are aimed at modest-income borrowers and first-time homebuyers. The Down Payment Grant is available in select markets and requires the buyer to be a first-time homebuyer, meaning no homeownership in the past three years. Income limits apply.

How to apply

Buyers can use Bank of America’s Down Payment Center or speak with a lending specialist to check program availability and eligibility in their market.

Source: Bank of America affordable housing programs.