Bank of America · Bank
Bank of America
Review published mortgage options and requirements, then request a personalized quote from the lender.
Availability: Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.
At a glance
- Property use
- Primary residence
Still to confirm: Borrower type, Credit requirement, Reserves.
Our take: Pros & Cons
What we like
- Fixed-rate, adjustable-rate, jumbo, FHA, VA and doctor loan options are published.
- Affordable Loan Solution offers a 3% down payment subject to income, loan limits and mortgage insurance.
- Eligible owner-occupants may qualify for America’s Home Grant or Down Payment Grant in select areas; program restrictions apply.
What to consider
- Mortgage-specific visa, ITIN, SSN, foreign-credit and foreign-income acceptance were not stated on the reviewed program pages; confirm with the lender.
- Advertised examples assume excellent credit including 740 or higher and a specific property and loan scenario; this is a pricing assumption, not a minimum eligibility requirement.
- ARM interest rates and payments may increase after the initial fixed period.
AI-generated lender-level assessment based on published information. Not a verified assessment of Down Payment Grant; confirm program-specific conditions below.
Additional lender considerations
- The Digital Mortgage Experience provides an online mortgage application path.
- Assistance has income, geographic, occupancy and loan-product conditions. Affordable Loan Solution requires mortgage insurance.
- Doctor loans require eligible medical employment, a qualifying account relationship and reserves; research and professor employment are ineligible.
Newcomer requirements
Down Payment Grant
Fit not assessed · Check fit
Verified published requirements for this program. Rate-example assumptions are separate and do not establish eligibility or approval.
- Income documentation
- Homebuyer education is required.
- State restrictions
- Qualified borrowers must meet eligibility requirements such as being owner-occupants, first-time homebuyers (no homeownership in the past three years), and purchasing a home within a certain geographical area.
- Occupancy
- Primary residence
View full lender requirements
- Income documentation
- Homebuyer education is required.
- State restrictions
- Qualified borrowers must meet eligibility requirements such as being owner-occupants, first-time homebuyers (no homeownership in the past three years), and purchasing a home within a certain geographical area.
- Occupancy
- Primary residence
- Other conditions
- Qualified borrowers must meet eligibility requirements such as being owner-occupants, first-time homebuyers (no homeownership in the past three years), and purchasing a home within a certain geographical area. Maximum income and loan amount limits apply. Minimum combined loan-to-value must be greater than or equal to 80%. Program funds can be applied toward down payment only. Borrowers cannot receive program funds as cash back in excess of earnest money deposits. Down Payment Grant program may be considered taxable income, a 1099-MISC will be issued, consult with your tax advisor. May be combined with other offers. The home loan must fund with Bank of America. Down Payment Grant may only be applied once to an eligible mortgage/property, regardless of number of applicants. Homebuyer education is required. Bank of America may change or discontinue the Bank of America Down Payment Grant Program or any portion of it without notice. Not available with all loan products, please ask for details.
Questions to confirm with the lender (13)
These requirements have not been verified for this program:
- SSN
- ITIN
- U.S. credit history
- Foreign credit history
- No credit history
- Residency / visa
- Minimum credit score
- Minimum down payment
- Employment documentation
- Foreign income
- Foreign assets
- Reserves
- Property restrictions
Requirements last reviewed: Oct 25, 2026 · Official requirements source
Rates and costs
Down Payment Grant
Rates are available on request
No reviewed advertised rate example is linked to this program.
How to apply
Down Payment Grant
- Homebuyer education is required.
- Confirm the program's identity, residency, credit and property requirements with the lender.
- Use the official application channel to request pricing for your actual scenario.
- Review the lender's written Loan Estimate, including costs and cash to close.
Published eligibility and availability do not guarantee approval. Confirm membership, relationship, property and occupancy conditions with the lender.
Sources and methodology
About this lender
Purchase and refinance mortgages with fixed and adjustable rates, jumbo, FHA, VA, Affordable Loan Solution and doctor loan options. Eligibility, assistance and pricing depend on the selected program and underwriting.
Legal lender: Bank of America, N.A.
Lending channel: Direct lending
Provider type: Bank
Lending channels: Direct lending. Origination status: Not stated.
NMLS identifier: 399802
More lender directory information
Direct application information ↗
Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.
Directory verified: 2026-10-25 UTC · Official directory source ↗
Official mortgage terms · Profile reviewed: Oct 25, 2026
- Official lender source · Last checked Oct 25, 2026
What do APR, points, LTV and reserves mean?
- APR
- An annualized borrowing-cost measure that includes interest and certain loan charges. Read it alongside the interest rate and fees.
- Discount points
- An upfront charge expressed as a percentage of the loan amount. Compare the quoted interest rate and the points together.
- LTV
- Loan-to-value: the loan amount relative to the property's value.
- Reserves
- Assets the lender may require you to retain after closing. Requirements differ by program.