We have an awesome new grant program from Bank of America. This grant reduces the already below market NACA interest rate by one percent for borrowers whose income is less than or equal to 80% of the median income for the Metropolitan Statistical Area (MSA) in which they are purchasing. This incredible new grant is available for Members purchasing in the MSA’s listed below.
For example, let’s say today’s interest rate posted on NACA.com is 3.625%. If the Member is buying in one of the MSA’s listed below and their income shown on the 1003 form (bank application) is less than or equal to 80% of the median for that MSA, they start with a 2.625% interest rate at no cost to them.
The Member is limited to a buy down of additional five discount points using their money, other grant funds and/or from the seller (in this scenario the resulting interest rate is 1.375%).
This NACA/BOA grant applies to both fifteen and thirty-year loan terms. Household members do not have to be included in the application income. The grant is based on the application income even if that differs from their NACA Qualification income. The MSA income used for the markets below is identified on the FFIEC website by property at
https://geomap.ffiec.gov/FFIECGeocMap/GeocodeMap1.aspx and by area at https://www.ffiec.gov/pdf/msa18inc.pdf . When the median income figures are updated for 2019 later this year, those figures will then be used to determine eligibility.
This grant is available now and will be automatic for members who qualify.
Here is the list of qualifying MSA’s:
ANAHEIM-SANTA ANA-IRVINE CA
LOS ANGELES-LONG BEACH-GLENDALE CA
OXNARD-THOUSAND OAKS-VENTURE CA
RIVERSIDE-SAN BERNARDINO-ONTARIO CA
SAN DIEGO-CARLSBAD CA
SANTA CRUZ-WATSONVILLE CA
SANTA MARIA-SANTA BARBARA CA
NEW HAVEN-MILFORD CT
FORT LAUDERDALE-POMPANO BEACH-DEERFIELD BEACH FL
MIAMI-MIAMI BEACH-KENDALL FL
WEST PALM BEACH-BOCA RATON-DELRAY BEACH FL
CHICAGO-NAPERVILLE-ARLINGTON HEIGHTS IL
LAKE COUNTY-KENOSHA COUNTY IL/WI
SILVER SPRING-FREDERICK-ROCKVILLE MD
LAS CRUCES NM
SANTA FE NM
LAS VEGAS-HENDERSON-PARADISE NV
BUFFALO-CHEEKTOWAGA-NIAGARA FALLS NY
NASSAU COUNTY-SUFFOLK COUNTY NY
NEW YORK-JERSEY CITY-WHITE PLAINS NY/NJ
MONTGOMERY COUNTY-BUCKS COUNTY-CHESTER COUNTY PA
AUSTIN-ROUND ROCK TX
SAN ANTONIO-NEW BRAUNFELS TX
VIRGINIA BEACH-NORFOLK-NEWPORT NEWS VA/NC