Full Guide to Bank of America FREE Down Payment Assistance Program and Qualifications
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- เผยแพร่เมื่อ 31 ก.ค. 2024
- Bank of America has announced additional funding for 2 home buyer assistance programs! The America's Home Grant Program and the Down Payment Grant Program give eligible home buyers up to $17,500 to be used towards down payment and closing costs! Today, you will learn how to qualify for the Bank of America down payment assistance grant, hot to get funds to cover your closing costs and how to determine whether these programs would be worth applying for.
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0:00 Intro
0:30 What is the BofA Down Payment Grant Program?
1:52 How to Qualify for BofA Down Payment Assistance
6:23 Pros & Cons of BofA Grants
10:40 Outro
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Hi, I’m Nicole Nark, a full-time Realtor® at HomeWay Realty Realty in Little Rock. I came to Little Rock with the love of my life, I am a proud Mom of two furbabies (Mini Schnauzer Mix and German Shepard), a Graduate of Communications from the University of Arkansas-Fayetteville and Honor Graduate of Arkansas Real Estate School in Little Rock.
I believe that home ownership lays the foundation for a life of financial security and freedom.
From building equity in a home, to the tax benefits it provides, buying a home is the most important financial decision most people make during their life. For this reason it is important to work with a professional who is committed to act as an advocate for you and your best interests.
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Currently buying a home. 1st time home buyers. Closing Monday. I got assistance with down payment n closing cost were only $3,327.00. So excited!!! Not through BOA though but these programs exist. Im at 3.5%.
Could you please let us know that program is it for down payment assistance.
So excited for you Melissa!!
I’m also here to find out what program it isb
Following...
Please let us know the program?
I'm so glad you broke down the income caps. After speaking with a B of A Lending Specialist today the salary cap was MUCH lower if you want to buy in a moderate to upper income area. The salary cap was MUCH higher if you want to buy in a lower income area. Bummer..
I really appreciate all the information you have provided for all of us who are watching this. I personally have learned a lot as a 51 year old first time homebuyer. But I feel that I am starting to get stressed out about this and still not sure what to do. But please keep up the good work. Thanks
Once folks secure their houses, it's a secret who they bank with, what programs helped them...im working on home ownership. I hope I remember this post, so that everyone who wants a house, can know how to get one.
I have so many doubts
This was amazingly helpful for me. The information was very precise and very clear. I’m grateful for you doing this for viewers. I’m going to most definitely take full advantage of this opportunity.
Literally going to Bank of America's website to apply for this program after seeing your video. THANKS!!
Glad it was helpful!
I'll wait for the housing to come down in CA first. Last 100 years it drops every 7 years, except the last 12 it hasn't! Thanks for the information
Absolutely I would apply. I'm about to look up the program right now. Thanks so much for the information
You're welcome. Thank you for watching!
Thank you for info. Very helpful...as a potential first time homebuyer
Glad it was helpful!
Very useful info. Thanks Nicole!
You're so welcome!
You are amazing always giving great tips and advice especially for new home owners. You don't think about just yourself or what the bank has to offer you think about the kindness of your heart for people you are amazing
I wish you were in my area goodness 😩
Wow thank you so much for your kind words! 😊
I would like to know if you can qualify to buy a Motor Home as your main source of a home and business.
I simply subscribed because I’m a Bank of America customer and I was honestly about to close my account I’ve been looking for a lender since last year I get on here and she’s the only one on TH-cam so far that’s reporting something this good Wow so yea thanks.
Thanks for subscribing!
@@NicoleNark and did I mention how beautiful you are 😉
@@iamhim9764 don't be an internet creep bro
@@TheBlinkisback09 you must be gay lol 🍉 🍎 🥤
Thank you for this info . You are awesome. Makes me want to go back into mortgages .
Awesome thanks for the info! Im going to spread the news...
Thanks for watching! Glad it was helpful 😊
YES THIS IS WHAT WE ARE LOOKING FOR ASAP💯🙏🙏
Glad you found this helpful!
Nicole, you are fantastic!
Yes I would look into this further I will be a first time buyer again next year so I will have to wait
Very well spoken. Nice job 👍
Thank you, very helpful information!
Thank You for the great content! Well Done!
Thank you so much for watching 🙂
Yesss very helpful 👏. Thank you 😊
So glad you found it helpful!
Thanks so much for doing this video. I applied for the closing cost grant. It was an extremely easy process. The down payment assistance is trickier because it only applies to certain cities/states. But if yours is included, it is a great program. As always thanks for breaking down all the info so clearly!
Thanks for watching and sharing your experience Nadine ❤️
Excellent information!!!
Thanks for this information.
My pleasure!
This is a very insightful video to boa users, thanks Nicole. There’s a company I know that grants loans up to 40k. Very reasonable interest rates too.
Oh really! Please can I know this company you're talking of?
@@callumfrank Yes sure, it's called "Credit Synod"
@@kevincooper0 Okay Thanks!
About start the buying process. Appreciate the information!
So exciting! Thanks for tuning in
Bi
Hi
@@NicoleNark Hello. Where can I email you more information about this?
Yes I am thinking of buying a house next year but not in my current state . I am on a fixed income. These programs would help me out to be able to get my house instead of renting as I am now
I am also on a fixed income and would like to buy a home. Currently I am renting an apartment for $671.
Better still apply for 30,300$relief grant which is non refundable am sure it will go a long way for you I have gotten already
This is great I hope I qualify.
Yes! I got mine yesterday after a long time tho 😃 lol!
awesome!! thank you💕
You are so welcome 😊
Thanks for this Really!😘
Thank you so much for watching and sharing!
You did a great job explaining the program. Do they have a programs for new construction ?
Great information
What is the max income restriction you have seen?
Nicole., Gorgeous information., great data., thank you., for this great info., 🙏🙏🙏💎👑👏👏👏💯👍., Not under Contract.
You're welcome!
prolly 600 Score more than likely. Thanks for sharing
Thank you Nicole, yes for me I think it is a good good option. I have my spirit up now.
Thanh you, thank you
A year from now most homeowners will not be able to pay the increased taxed levied on homes. It will just take time before everyone return to normal
The unemployed are not counted and the employed don't make enough money to afford a house or even rent without getting a cosigner! The rich and investors are ruining the chances for the middle class to even own a home!
Stock market is do for a major down turn and again most of the economy is propped up on stimulus/fake money. When stocks start to slide they to will have a “spill over effect” on real estate and overall economic health of country.
If you can't buy real estate buy gold, BTC and silver, the Woke Democratic politicians now in charge in Washington are pushing to crash the economy with out of control spending using covid as a reason to raise taxes. Your rights and wealth are being taken from the progressive Left.
Nobody predicted 2008 financial crash except Kathleen Diane Hayden . Back in 2006, 07, all media, economists, realtors told people that everything is fine and the home prices go up. Now it is the same Game is but the players are different. Everyone created a TH-cam channel and call themselves expert in everything from real estate to stocks. And the funny thing is all of these youtubers claim that they have a millions in real estate and other investments. One day the say oh there will be a crash, the other day they don't expect any drop in prices.
@@charlottebauer5423 i don’t understand anything although i have been following various channels and reading various market charts, watching youtube vids. real estate and btc seems to be doing well for months now. I'm aware of kris krohn, meet kelvin, Ryan serhant, Graham stephen umar khan and jimmy. who is Kathleen?
Hi Nicole, thank you for the great info very helpful for 1st time home buyers, do you know if this BOA program applies in NYC ?
Been banking with them for about 6 years now, I never knew about this program. Thank you for the information!
Absolutely! 😊
@Nicole Nark can these be combined with NACA as well?
Many home offers are ABOVE LISTING PRICES IN MANY MARKETS!!
Yup we just won our house and had offer 25k plus
With this being a sellers market would it be wise to wait to see if these ridiculous high California homes prices come down before trying to purchase for a first time home buyer? I value your info....great job....
I had spoken to someone from Bank of America and she had told me I had to put something down as long as it didn’t exceed $20k... so I was like.. well I know got sure I can’t put 20k down 😂 what is the point of the down payment grant? Lol idk! She honestly was not very helpful. I called to ask about qualification requirements, and she told me to fill out an application. Like that wasn’t my point of the call! Smh. I am going to reach out to someone else.
But these grants seems great! Good luck to everyone seeking to buy a home.
From what I have understood, you can qualify for 3% covered on the down payment! And that is the minimum. Hopefully when you call next time you will get someone more helpful! 😊
I’m on the process of finalizing my loan. I initially was going to put 5% and now I will only put 2% down because they cover 3%. They are also covering almost all of my closing costs! I never thought I would own a home at 25, but here I am a few weeks away from closing!!
Also you only need to be owner occupant for 1 full year for the BoA grants
@@sofiadilorenzo2839 so excited for you Sofia!! 🎉🏠
I'm planning to buy a home. I was approved by the US bank and for a 260,000 dollars home my down payment would be almost 18 thousand dollars with the FHA program. I need something better ! Is too much for first home buyers
It sounds great if the housing market continues to grow or settle on a positive way but hopefully not another housing market disaster
Yes. I need this like yesterday
Have you thought about making DVDs of each craft or each lesson? I know this guy who just loves to sit around with his kids and watch that stuff over and over and over again! It's a good learning tool for kids and for adults
what is this “dvd” word you speak of?
@@erikdominguez4277 a DVD is a digital video disc
Thanks for your video it's really helpful, am about to start this program so is there any link or where do I start?
NACA has been doing this since 2004, except:
There is no credit score requirement
They pay all of the down payment, up to the the Fannie Mae conforming limit
There is no income cap unlike BofA who has a 150% cap above MSA
NACA pays for any repairs even if the property is uninhabitable
Close times are dependent on property condition
Just an fyi, yes, the BofA close time is up to 45 days but close times can be as short as 30 days with a clean file and property.
You are absolutely correct! This is by no means the only program like this. But, I wanted to make a video on it to share it with those who may not have known it is available!
How can I find out about NACA and what areas is this in??I am a Senior but still.want my own home...please and thank you
I would love to have it. There is nothing like your own place
Absolutely!
Definitely.
Hi! Thx for the video. Where does the earnest money come into play? Doesn’t the EMD go towards the down payment or closing costs? If I get $10k in DPA, will the EMD go towards the down payment in addition to the DPA? For closing costs this grant won’t pay the reoccurring costs so can my EMD go towards that ? Thanks in advance! Do I get to choose where my EMD goes?
Hey Nicole, you are the Person to educate for home buyers so thank you.question?
Why the bank ask home buyers how much is your current Rent?
Looking forward hearing from you
Thank you.
Thx for all the info on your channel!! I was wondering what you thought about my situation? I live Wisconsin and want to move to Florida.. there’s a couple caveats with my circumstance, first I went through bankruptcy almost 2 years ago. I’m also a first time home owner and my parents have always owned a home but my wife’s parents haven’t owned a home since there foreclosure 7-8 years ago.. lastly I’m low to moderate income..what is out there now I could apply for?
Is that wise to check with multiple lenders? Would that hurt your credit with inquiries?
1. do you have to stay in the home for a certain amount of time before you can refi?
2. Can you use these funds on new builds?
1. One year
2. Yes you can!
@nicole nark would airbnb and vrbo count as "rent" yet or is this system too new to be counted as rent?
If I purchased a home with this program already can I use it again for a new home to live in?
Does this also work for multi homes? And how much do we have to put down?
How long does a person have to live in the House before they can sell it if there getting these grants .just curios and trying to get as much info as I can.
hi, like the videos
they are very informative. wanted to know if this can be used for co-ops in new york? thamks
Thank you so much for sharing. I'm a realtor help my mom I was literally just looking for lender that offers closing cost for her. This is great!
Happy to help!
So confused...they told me I needed minimum of 680 credit score and 10 percent down payment already in my account. Didn't make any sense to me?!
I hate BAO. The branch in Bartow county GA just closed and the branch in the next county wouldn't cash a check. Maybe going under
Thank you for the information!
You're welcome! 😊
Ags 19, 2022 (do you think is still available this year?)
This great
Did u mention if buyer qualifies when only days on the new job with good fico.
First time buyer..thank u
Can this grant be applied with VA benefits
I am trying to get this but BOA loan process is a huge huge huge mess!!! Be very patient with their assigned loan agents!!
Does this also apply to mobil homes
Can you use this for condos.
Is there a restriction where you can’t refinance your home in the first 3 years
Are the rates and terms subject to change?
I'd loved to have it !!:) I do loved free $!:)
Yes!
@@NicoleNark thank you for the information Nicole- I will ask my mortgage lender if I can Qualify :) im looking at buying a house soon . MAHALOS- Bubba !
Thanks for the info, but it it a little more complicated than what you have stated. The grants are tied not only to what you explained in terms of states and then counties, but also tied to the amount of downpayment, the cost of the home and finally the amount of the loan. I am going through the process right now and although BOFA has approved me, I had to lower the amount of my loan or lower the amount of the home…Its a bit more complicated.
Just have a question for the grant would they allow me to put the house under my LLC if i get the grant? Also, thanks for the videos
Does this also work with new construction homes or only already built homes?
hi nicole,this program included california?thanks again🤗
Bank of America paid her for this video just watch 9:24 😂😭😭😂. I saluted you for hustling. Keep on grinding
Any pros or cons for single mothers as a first time home owner buyers program?
Hi thanks for info. I have a question does BOA covers both down payment & closing cost with this program?
Yes but both programs may not be available in all areas! I would recommend you call to verify
What if you are thinking about building your own home?
So where is the link to the BofA program????
Can I buy a house in Puerto Rico applying through this loan and grant program of BA?
:/ I was excited for this until the part that has to be in a low to moderate uncome area. I was hoping for and apartment in the Orlando downtown area. in 200k
I just got approved through NACA, I wonder if I would qualify
Can we qualify for the grant if we have a large sum of money in savings account?
So I’ve been looking into purchasing a home since May, and after seeing this video I was I was like I gotta check this out because housing market in the Bay Area is insane. Checked in with the BOA lender and he told me all the requirements and I meet them all. And now I’m in contract, I ask him when and how will I be getting the grant. He then say I don’t qualify. I don’t get it. Now I am in a tough spot, already accepted the offer to the home but can’t really afford it without that big assistance.
Wow sorry to hear that happened to you. Were you able to secure other grants?
Any update to what happened?
Sorry just seeing these messages now. So it got to the point where I started the process in switching lenders. They eventually offered a different grant but less. They have programs out there for everyone, even if you make more then the median in your area. My experience with that lender agent is lazy, unprofessional, unknowable. Even their bosses.
Another good video! Keep it up! I liked your Biden proposal video with the bullet points on screen! Still packed with information though!
Keep it up!
Thanks for watching and the feedback on the bullet points! 😊
@@NicoleNark 🤝💯
Nicole thank you!! u are an excellent realtor.
Thank you so much Janett! 😊 It makes me happy to help!
How do they prove occupancy?
I recently spoke with a representative of BOA about this program. I was told that it was either one or the other, you can't use both. According to what you've read and researched is this true?
I have spoken with a few buyers who have been able to use both. I think that it could depend on the area. From what I have heard, different areas have different restrictions and sometimes only one of the two is available.
I just got qualified in our area (NJ) but I can only use ONE of the 2 programs, they aren't going to let me use both :/
Well that's bad for me. Credit score pass 640 , but got laid off during corona virus 🤣
What about if you are not a first time home buyer.
What if you are on unemployment but have money to buy?
Thank you Nicole I just subscribed very informative and easy to learn
Thanks for subscribing! Glad it was helpful!
can you combine this with bidens first time buyers credit?
How much money do I need to have save to get approved for this ?
Good deal 💰🤑💰
Yes!
USDA loan available in North Carolina with no down down payment ?
Do you know what the income limit is?
Can you refinance it later? Can you rent it out after one year?