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).

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.

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.

Bank of America Down Payment Grant Program is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Must be a first-time homebuyer - no homeownership in the past three years. A homebuyer education course is required.

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.

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.

Bank of America Down Payment Grant Program serves homebuyers 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.

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. Funds are reserved through Through a Bank of America lending specialist / Down Payment Center eligibility search. Hey Prescott is not a lender and does not accept applications; this page describes the program so a homebuyer can take it to a lender or housing counselor.