Bank of America Community Homeownership Commitment (Down Payment Grant & America's Home Grant)

What is Bank of America Community Homeownership Commitment (Down Payment Grant & America's Home Grant)?

Bank of America Community Homeownership Commitment (Down Payment Grant & America's Home Grant) is a grant for homebuyers in Delaware, administered by Bank of America, N.A.

• Bank of America's Community Homeownership Commitment offers two no-repayment grants that are available in select markets, including eligible Delaware locations searchable through the Bank of America Down Payment Center. The Down Payment Grant provides up to 3% of the purchase price (maximum $10,000) toward the down payment for first-time homebuyers in select markets. The America's Home Grant provides a lender credit of up to $7,500 toward non-recurring closing costs or to permanently buy down the interest rate. Neither grant has to be repaid, and they can be paired with Bank of America's 3%-down Affordable Loan Solution mortgage.
• Down Payment Grant up to 3% of price / $10,000 (no repayment).
• America's Home Grant up to $7,500 for closing costs or rate buydown (no repayment).
• Can be combined for up to ~$17,500.
• Pairs with 3%-down Affordable Loan Solution mortgage.
• Funding comes from Bank of America, N.A. (lender-funded).

How much assistance does it provide?

Bank of America Community Homeownership Commitment (Down Payment Grant & America's Home Grant) offers up to $10,000 in assistance.

• Award tiers: Down Payment Grant: up to 3% of price, max $10,000. America's Home Grant: up to $7,500.
• The program can be combined with Down Payment Grant and America's Home Grant can be combined with each other (up to ~$17,500) and with the 3%-down Affordable Loan Solution mortgage.
• 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 Community Homeownership Commitment (Down Payment Grant & America's Home Grant) is structured as a grant, so it is not repaid.

• Repayment is triggered by None - both grants are non-repayable.
• 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 Community Homeownership Commitment (Down Payment Grant & America's Home Grant) is open to first-time homebuyers and buyers who will live in the home as their primary residence.

What are the income limits?

Bank of America Community Homeownership Commitment (Down Payment Grant & America's Home Grant) sets its income limit as follows: Income limits apply (per Bank of America). Exact limits vary by market/product and are confirmed by a Bank of America lending specialist; the Down Payment Grant and the 3%-down mortgage note that income limits apply.

• 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 Community Homeownership Commitment (Down Payment Grant & America's Home Grant) can be used for Single Family, Condo, and Townhouse.

Where does it apply?

Bank of America Community Homeownership Commitment (Down Payment Grant & America's Home Grant) serves buyers purchasing anywhere in Delaware.

How do you apply?

Applications for Bank of America Community Homeownership Commitment (Down Payment Grant & America's Home Grant) go through Bank of America, N.A., which publishes the current terms and the application steps on its own site.

1. 1

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

   Funds are reserved through Through a Bank of America lending specialist; eligibility verified via the Bank of America Down Payment Center by property location., and are subject to availability.

2. 2

   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.