Bank of America

• Origination Fee Discount
• Affordable Loan Solution® Mortgage
• Low Closing Costs
• Bank of America Down Payment Center
• First-Time Homebuyer Tools
• Affordable Housing Assistance Programs
• Highly-Rated Mobile App

Origination Fee Discount

Clients who are enrolled in or are eligible to enroll in Bank of America's Preferred Rewards program at the time they apply for a new purchase or refinance loan can get a discount on their origination fee. The discount ranges from $200 to $600 depending on the rewards tier.

Affordable Loan Solution® Mortgage

Bank of America offers a special mortgage for qualified homebuyers with modest incomes who are unable to make a large down payment. The company offers a competitive fixed-rate loan with a down payment as low as three percent and mortgage insurance is not required.

Low Closing Costs

Bank of America charges closing costs of three to four percent of the total loan amount, which is fairly low when compared to closing costs charged by other home loan companies.

Bank of America Down Payment Center

If you are a modest-income or first-time homebuyer, Bank of America provides mortgage solutions through its Homeownership Commitment® program. This program can connect you with other community down payment programs, and qualified borrowers may even be eligible for up to $7,500 in closing cost assistance or up to $10,000 in down payment help.

Additional down payment options include visiting the Bank of America Real Estate Center® to search for specific homes that qualify for the America's Home Grant®. Or you can access a variety of homebuyer education tools that can provide you with more information on the homebuying process.

First-Time Homebuyer Tools

To help simplify the homebuying process, Bank of America provides various tools and resources for first-time homebuyers, including a five step guide to buying a home, the Bank of America First-Time Homebuyer Online Edu-Series, and various calculators.

Affordable Housing Assistance Programs

To help make homeownership a reality for more homebuyers, Bank of America provides various affordable housing assistance solutions, including the following:

• America’s Home Grant® program — offers a lender credit up to $7,500 that can be put toward closing costs
• Down Payment Grant program — offers a grant of up to 3% of the home purchase price, or up to $10,000 towards closing costs
• Affordable Loan Solution® mortgage — a fixed rate mortgage loan with a down payment as low as 3%

You may not be eligible for certain solutions and programs, so it is important to speak with a Bank of America representative to see which solutions may best fit your needs.

Highly-Rated Mobile App

Bank of America offers a highly-rated mobile app that is compatible with Apple, Android, and Windows devices. Borrowers can use this app to view and manage their home loan, as well as access helpful tools and resources.

• Undisclosed Information

Undisclosed Information

Bank of America has not disclosed a minimum credit score requirement on its corporate web site, making it difficult for potential borrowers to have an idea of whether or not they have a good chance of qualifying for a home loan.