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Bank of America America's Home Grant

Bank of America, N.A. · New Jersey

Last verified
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Assistance

$7,500

The maximum the program publishes — not an offer

Repayment

Grant

Not repaid

What is Bank of America America's Home Grant?

Bank of America America's Home Grant is a grant for homebuyers in New Jersey, administered by Bank of America, N.A.

  • Part of BofA's Community Homeownership Commitment, America's Home Grant offers a lender credit of up to $7,500 toward non-recurring closing costs or to permanently buy down the rate, with no repayment. Available in select markets; combinable with the Down Payment Grant for up to $17,500.
  • Up to $7,500 toward closing costs or rate buydown.
  • No repayment.
  • Combinable with Down Payment Grant (up to $17,500).
  • Funding comes from Bank of America Community Homeownership Commitment (lender credit).

How much assistance does it provide?

Bank of America America's Home Grant offers up to $7,500 in assistance.

  • 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 America's Home Grant is structured as a grant, so it is not repaid.

  • Repayment is triggered by None - grant, no 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 America's Home Grant is open to buyers who will live in the home as their primary residence.

The program requires

  • The home is occupied as a primary residence
  • DRAFT (dpa-gap-finder 2026-06-12): pending review. Lender-specific (BofA loans). Closing-cost/rate-buydown credit (not down payment). Select markets only - NJ markets not enumerated on official page; confirm via BofA Down Payment Center. first_time_homebuyer requirement UNCONFIRMED (set false pending review). UNCONFIRMED: income-limit %/amount, min credit score, max DTI, homebuyer-education, NJ counties/tracts.

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 America's Home Grant sets its income limit as follows: Eligibility based on income limits and geographic region; specific figures not published.

  • 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 America's Home Grant can be used for Single Family, Condo, and Townhouse.

Where does it apply?

Bank of America America's Home Grant serves buyers purchasing anywhere in New Jersey.

  • The program targets specific areas: Available in select markets. NJ availability confirmed via active BofA lending specialists (Newark/Jersey City metro); confirm via BofA Down Payment Center.

How do you apply?

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

    Funds are reserved with the provider and are subject to availability.

  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.

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