Pros and Cons Bank of America $17,500 Down Payment Assistance Program

Bank of America Down Payment Assistance and Home Grant Program give eligible home buyers up to $17,500 to be used towards down payment and closing costs! This almost seems to good to be true! Today, you will learn the Pros and Cons of the down payment assistance and closing costs grants so that you can determine if they are worth applying for!

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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.

Learn more about me and the services I provide here:
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[nicholepough]

Good information, I needed to hear this

[budgetboss_j]

So far my experience with this program is that the interest rate at the time when I applied was about 3.1xx %. I was able to use the remaining amount from the down payment assistance program to pay down my rate to 2.875. I have a 45 day timeframe to close but that wasn’t because of Bank of America‘s decision that was a decision that my realtor came up with. And my loan disclosure says there’s no penalty for early pay off. So far I’m happy that I am going with this grant getting it through Bank of America.

[fuschiapretty]

I was feeling so discouraged this morning and then, for some reason, one of your other videos came up into my recommended. I subscribed and have been watching you all night! I had no idea about this program and I just checked and it's available in my area which is out of control right now. Everything you've been talking about has hit home. Thank you so much...I was pre-approved in late 2019 and then 2020 hit and the prices haven't stopped. I can't compete with it. I'm calling BofA first thing Monday. Thank you so much for doing these, they are very educational and the best I've seen on YT.

[norcecycenteno]

According to my loan officer the $17500, it is only available for big cities. They provide usually 7.5k

[missjackie]

Every state has a down payment assistance program. The last time I checked you could get up to $40, 000 in New york. In Georgia you can get up to $17, 500 etc it depends on what state you are buying the house in

[nissangtr]

I’m house hunting now and making offers, I’m using this grant. Dealing with Bank of America is not the easiest. They are hard to get in touch with when you need answers fast. I had to pass on this grant because I lost two houses because they did not get back to me fast enough

[laurelcreagh]

Wow, so I've been researching down payment grants and first time buyers programs in MA, but hadn't heard about this! So, I'm glad that this was a suggested video, so I can look into this! A similar grant here through MAhousing requires for people to live in the home for 15 years. I started working with NACA before the pandemic hit, but would not recommend this to anyone! You do a ton of work for months on end and don't care that your appointments are months apart, and also strangely do not seem to care about people or treating them well.

[evaowens]

Thank you for this information Nicole....I'm going to go for it! I'm handicapped and my rent went up 17.5% this year, so I feel that I have no choice but to check out help like this.

[ramoncisneros]

Great video!!

Just want to report my experience using this grants/loan.

I just closed my home purchase yesterday.
It took BOA 31 days to close my loan.
I received the full $17, 500 grants.
My interest rate was 2.875% with no points purchased
Great program

[jaredrivera]

Would this be applicable to mobile homes at a Mobile home park? Thanks love your videos 😊😊

[flynnmorrow]

I had no idea these existed.

Our DTI is decent. Our credit is decent. Our cash is low. So I want to explore this option more!

[Autooo]

Great to know does this program have realtors we can choose from also?

[raedelatorre]

Thank you for this. I do think it would be worth it as long as I can afford the monthly payments with a higher interest rate. I can always refinance later, but to come up with 17k cash... this is almost impossible for many of us.

[HA-Humam]

I just was on the phone with bank of America loan officer she said that program is not available in Arkansas! They are willing to pay only for the closing cost up to 75 hundred dollars and the buyer income should not exceed 57k

[BlackWidowTundra]

I got approve for fha with 7500 closing in aug 25 2021 our offer got accepted sept 25 2021

[maofuentes]

Your cons are really a stretch! I just closed on February 1st 2022 with BOA using this program. I saved over 10k . Sure it took an extra couple of weeks but so what? They offered me the best interest rate 2.875% it was a win win.

[ryanknowsrealestate]

Awesome video! Great information. Keep the knowledge coming! 🎥 🙌

[jaylynsmith]

Can you use Bank of America down payment assistance and NACA, using the down payment assistance from Bank of America to buy down your interest rate with NACA since NACA allows you to buy down your interest rate?

[carleonemoore]

Hi. I don't think you mentioned it, but according to a local BOA mortgage advisor also they do not accept other down payment assistance programs to be used with their DPA product.

[ChrisMarie_]

I applied for this grant and for some reason I only qualified for $3, 000 in closing costs, because my credit history wasn't long enough. I've had credit history for 8 yrs now .