Bank of America Down Payment Grant and America's Home Grant

At a glance

Amount

Down Payment Grant of 3% of the price up to $10,000, plus America's Home Grant lender credit up to $7,500 for closing costs

Type of help

Grant

Where

Nationwide

Run by

Bank of America, Community Homeownership Commitment

First-time buyer

First-time buyers, with exceptions

Income limit

Yes, see below

Homebuyer education

Required

How the grant works

Money you do not pay back, as long as you meet the program's stay-in-the-home terms.

• Monthly payment: None

Who qualifies

• First-time buyers, with exceptions. The Down Payment Grant requires a first-time buyer, meaning no homeownership in the past three years. America's Home Grant does not have a first-time rule on the bank's page.
• Income. Income and loan amount limits apply to the Down Payment Grant. The bank has described the cap as 80% of area median income unless the home is in a low-to-moderate-income census tract, where no income limit applies. Eligibility for both grants depends on the property location, so run the address through the bank's Down Payment Center (checked 2026-09-23).
• You must finance the home with a Bank of America mortgage. The grants are not available with every loan product.
• Both grants are limited to select markets and census tracts. Parts of the Washington and Baltimore metros have qualified, but the only reliable check is the bank's eligibility tool with a specific address.
• Down Payment Grant: owner-occupant, combined loan-to-value of at least 80%, homebuyer education required, and no cash back at closing except return of your earnest money.
• America's Home Grant cannot be applied to real estate commissions, the down payment, or prepaid items.

How to apply

1. 1Enter the state and, once you have one, the property address in Bank of America's Down Payment Center to see whether either grant applies to that home.
2. 2Get pre-approved with Bank of America on a loan product that allows the grants. Sean does not steer buyers to any lender; this is only the path if you choose this bank.
3. 3Complete the homebuyer education course the bank requires for the Down Payment Grant.
4. 4Write the offer and have the lender confirm the grant amounts in writing on your Loan Estimate.
5. 5At closing the grant funds are applied to your down payment and the lender credit to your eligible closing costs.

Watch out for

• The grants live and die with the Bank of America loan. If you switch lenders for a better rate, the grants go away. Compare the whole package, not just the grant.
• Address rules are strict. Two houses on the same street can get different answers depending on the census tract. Check every property you seriously consider.
• The Down Payment Grant may be taxable income. Bank of America issues a 1099-MISC. Talk to a tax preparer before you count on the full amount.
• Bank of America says it can change or end either program without notice. Numbers here are what the bank published when we checked.
• Layering with a state or county program is often possible, but the other program's rules and the bank's product rules both have to allow it.

Straight answers

Sources

• Bank of America, Down Payment Grants and Loan Assistance Programs (read Sep 23, 2026)
• Bank of America, Mortgage Down Payment Center (program terms and 1099 note) (read Sep 23, 2026)
• Bank of America Newsroom, Community Homeownership Commitment delivers over $15 billion (May 2026) (read Sep 23, 2026)

Program details are summarized from public sources and change without notice. Funding badges reflect the last time we checked, not a guarantee of availability. This is buyer education from a real estate agent, not a loan pre-approval or a commitment to lend. Eligibility is decided by each program administrator and your lender. Equal Housing Opportunity.