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Bank of America Down Payment Grant Program

Bank of America, N.A. · Washington, District of Columbia

Last verified
See what you qualify forOfficial program site →
Assistance

$10,000

The maximum the program publishes — not an offer

Repayment

Grant

Not repaid

What is Bank of America Down Payment Grant Program?

Bank of America Down Payment Grant Program is a grant for homebuyers in Washington, District of Columbia, administered by Bank of America, N.A.

  • Bank of America's Down Payment Grant, part of its Community Homeownership Commitment, provides a no-repayment grant of up to 3% of the home purchase price or up to $10,000 (whichever is less) to be applied toward the down payment on a primary residence. The grant is available only in select markets, which the bank's published outreach (via Capital Area Asset Builders) indicates includes the Washington metro region. Funds are applied to the down payment only and may not be taken as cash back beyond an earnest money deposit refund.
  • Funding comes from Bank of America Community Homeownership Commitment (lender funds).

How much assistance does it provide?

Bank of America Down Payment Grant Program offers up to $10,000 in assistance.

  • The program can be combined with May be combined with America's Home Grant and other offers; restrictions apply.
  • Amounts are the program's published maximums, not an offer — Bank of America, N.A. determines any individual award.

Do you have to pay it back?

Bank of America Down Payment Grant Program is structured as a grant, so it is not repaid.

  • Repayment is triggered by None - grant does not require repayment.
  • Forgiveness and repayment terms are set by the program and can change — confirm them on the official program page before applying.

Who qualifies?

Bank of America Down Payment Grant Program is open to first-time homebuyers and buyers who will live in the home as their primary residence.

The program requires

  • First-time homebuyer — with exceptions: Must be a first-time homebuyer - no homeownership in the past three years.
  • The home is occupied as a primary residence
  • A completed homebuyer education course
  • DRAFT (dpa-gap-finder 2026-06-14): pending review. DRAFT GAP NOTES: Exact list of eligible DC census tracts/markets not published; eligibility must be confirmed through a Bank of America lending specialist or the Down Payment Center for the specific property address. Income and loan-amount limits apply but specific dollar figures for the DC MSA were not published on the official page. Minimum combined LTV must be >= 80%. Grant may be considered taxable income (1099-MISC issued). Homebuyer education is required. Must be combined with a Bank of America-funded 3%-down mortgage. Bank of America may change or discontinue the program without notice.

The program excludes

  • Manufactured homes

These are the program's own published rules, not a decision about any individual — the administering agency and a lender determine who actually qualifies.

What are the income limits?

Bank of America Down Payment Grant Program sets its income limit as follows: Maximum income limits apply and vary by market/MSA; specific DC dollar limits were not published on the official affordable-housing page.

  • The limit applies to total household income, not only the borrower’s.
  • Area median income figures are published by HUD and updated annually, so check the current table for the county before relying on a number.

What kind of home can it be used for?

Bank of America Down Payment Grant Program can be used for Single Family, Condo, and Townhouse.

  • New construction is eligible.
  • Manufactured homes are not eligible.

Where does it apply?

Bank of America Down Payment Grant Program serves buyers purchasing in Washington, District of Columbia.

  • The program targets specific areas: Available in select markets/geographic areas only, reported to include the Washington metro region.

How do you apply?

Applications for Bank of America Down Payment Grant Program go through Bank of America, N.A., which publishes the current terms and the application steps on its own site.

  1. Take a homebuyer education course

    Required by the program before funds are reserved.

  2. Contact Bank of America, N.A. to reserve funds

    Funds are reserved through Through a Bank of America lending specialist / Down Payment Center eligibility search, and are subject to availability.

  3. Work with a lender who handles the program

    Hey Prescott is not a lender and does not accept applications; this page describes the program so a buyer can take it to a lender or housing counselor.

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