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You're continuing to another website that Bank of America doesn't own or operate. Its owner is solely responsible for the website's content, offering and level of security, so please refer to the website's posted privacy policy and terms of use. Everything you need to know about help with your home loan payments if you have been impacted by the coronavirus. As his five-person family outgrew its Chicago apartment, Johnson Bam was looking to buy a home. He made that dream a reality by learning how to budget, saving for a down payment and managing expenses through his local Better Money Habits® program.
When you visit these sites, you are agreeing to all of their terms of use, including their privacy and security policies. Customers will find online resources to become more financially fluent, establish or rehabilitate their credit and prepare for homeownership when it makes sense for them. And, to make the home buying process easier to navigate, we looked to the NAACP’s Responsible Lending Principles to create financial documents that use easy-to-understand language. Affordable Loan Solution® mortgage is a fixed-rate loan with a down payment as low as 3%. Mortgage insurance is required; however, it’s at a reduced cost from most conventional loans. Our Down Payment Grant program offers a grant of up to 3% of the home purchase price, up to $10,000, to be used for a down payment in select markets.
Additional Resources
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Special interest rate – A limited-time zero percent interest rate on credit card purchases and cash direct deposits into a Bank of America checking account. When individuals and families have the right information and support, they’re equipped to evaluate homeownership and make sound financial decisions. To build borrowers’ financial literacy, we offer in-person training and online resources, like the content on our Better Money Habits® site. We have simple, transparent financial documents as well as online tools that make the mortgage process more convenient. For example, we created a guide to help clients on our Home Loans website outlining all of our financial education initiatives for homebuyers and homeowners. Programs, rates, terms and conditions are subject to change without notice.
Programs in Connecticut
If you are experiencing a financial hardship related to the coronavirus, we may be able to postpone home loan payments for three months or longer. Shopping for a new mortgage or refinancing a current one is a streamlined experience with the Bank of America Digital Mortgage Experience™. Prospective buyers can prequalify to estimate how much they can borrow, apply for a new mortgage, refinance their current home and even lock their interest rate — all on a mobile device or computer.
If you have an FHA loan, you may be able to lower your monthly mortgage payments with a loan modification. Visit the Bank of America Down Payment Center to search for programs you may be eligible for, including the America’s Home Grant and Down Payment Grant programs plus other programs offered by state and local agencies, nonprofits, and employers. Bank of America’s Community Homeownership Commitment® is bringing together products and resources that can help modest-income borrowers buy homes of their own.
Mortgage Rates & Loans open
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Programs in Pennsylvania
"Bank of America" is the marketing name for the global banking and global markets business of Bank of America Corporation. BofA Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Merrill Lynch Professional Clearing Corp. are registered as futures commission merchants with the CFTC and are members of the NFA. When life presents unexpected circumstances that can threaten a customer’s ability to pay their mortgage, we have a variety of options and programs to help. With loan modifications and other alternatives, we’ve helped more than two million mortgage customers avoid foreclosure and provided more than $27 billion in relief. Homeowners have multiple alternatives that can allow them to stay in their homes, like forbearance, loan modifications, counseling assistance and others. There are also numerous home loan assistance solutions for settling their mortgage debt, like short sales and deeds in lieu of foreclosure.
We provide a mix of convenient technology and one-on-one guidance that helps each individual or family make informed, responsible decisions. The Homeowner Assistance Fund is a new federal program to help homeowners impacted by the coronavirus catch up on their overdue bills and remain in their homes. A large majority of states are running this program through their state’s housing finance agency . States will administer a total of $9.961 billion, subject to Treasury Department guidance.
MLPF&S is a registered broker-dealer, registered investment adviser, Member SIPC and a wholly owned subsidiary of BofA Corp. Before acting on any information in this material, you should consider whether it is suitable for your particular circumstances and, if necessary, seek professional advice. Any opinions expressed herein are given in good faith, are subject to change without notice, and are only correct as of the stated date of their issue.
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At locations across the country and over the phone, we provide personal support, including financial fitness workshops. And we show customers how they can establish or improve their credit and what they can do to financially prepare for homeownership. This program offers a lender credit of up to $7,500 that can be used towards non-recurring closing costs, like title insurance and recording fees, or to permanently buy down the interest rate. The funds do not require repayment and may be used with the Down Payment Grant. Some accounts and services, and the fees that apply to them, vary from state to state.
Please review the information for your state in the Personal Schedule of Fees (at /feesataglance or at your local Banking Center) and in the Online Banking Service Agreement at /serviceagreement. Content contained herein may have been produced by an outside party that is not affiliated with Bank of America or any of its affiliates . Opinions or ideas expressed are not necessarily those of Bank of America nor do they reflect their views or endorsement. Bank of America does not assume liability for any loss or damage resulting from anyone's reliance on the information provided. Certain links may direct you away from Bank of America to an unaffiliated site. Bank of America has not been involved in the preparation of the content supplied at the unaffiliated sites and does not guarantee or assume any responsibility for its content.
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