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).

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.

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.

Bank of America Community Homeownership Commitment (Down Payment Grant & America's Home Grant) is open to first-time homebuyers and homebuyers who will live in the home as their primary residence. "First-time" has exceptions here: Down Payment Grant requires first-time homebuyer status (no homeownership in the past three years). America's Home Grant is not limited to first-time buyers. On credit, the program states: Per Bank of America mortgage underwriting; not separately published for the grants. Residency requirement: Property must be a primary residence in an eligible (select) market. Lender grants available in select Delaware markets via the Bank of America Down Payment Center. Down Payment Grant: up to 3% of purchase price, max $10,000, first-time buyers only. America's Home Grant: up to $7,500 for closing costs or rate buydown. Both non-repayable.

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.

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

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

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