Bank of America Down Payment Grant

What is Bank of America Down Payment Grant?

Bank of America Down Payment Grant is a grant for homebuyers in New Jersey, administered by Bank of America, N.A.

• Part of BofA's Community Homeownership Commitment, the Down Payment Grant provides up to 3% of the purchase price (up to $10,000) toward the down payment in select markets, with no repayment. First-time homebuyer (no ownership in prior 3 years); not available with all products. Combinable with America's Home Grant for up to $17,500.
• Up to $10,000 (3% of price) toward down payment.
• No repayment.
• Combinable with America's Home Grant (up to $17,500).
• Funding comes from Bank of America Community Homeownership Commitment.

How much assistance does it provide?

Bank of America Down Payment Grant offers up to $10,000 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 Down Payment 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 Down Payment 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 Down Payment Grant sets its income limit as follows: Income limits apply but specific figures not published; determined by a BofA lending specialist by market.

• 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 can be used for Single Family, Condo, and Townhouse.

Where does it apply?

Bank of America Down Payment 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); specific NJ markets confirmed via BofA Down Payment Center.

How do you apply?

Applications for Bank of America Down Payment 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 with the provider 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.