NEW BOA GRANT PROGRAM

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:

PHOENIX-MESA-SCOTTSDALE AZ

ANAHEIM-SANTA ANA-IRVINE CA

FRESNO CA

LOS ANGELES-LONG BEACH-GLENDALE CA

OXNARD-THOUSAND OAKS-VENTURE CA

RIVERSIDE-SAN BERNARDINO-ONTARIO CA

SACRAMENTO-ROSEVILLE-ARDEN-ARCADE CA

SALINAS CA

SAN DIEGO-CARLSBAD CA

SANTA CRUZ-WATSONVILLE CA

SANTA MARIA-SANTA BARBARA CA

DENVER-AURORA-LAKEWOOD CO

BRIDGEPORT-STAMFORD-NORWALK CT

NEW HAVEN-MILFORD CT

WASHINGTON-ARLINGTON-ALEXANDRIA DC/VA/MD/WV

WILMINGTON DE/MD/NJ

FORT LAUDERDALE-POMPANO BEACH-DEERFIELD BEACH FL

JACKSONVILLE FL

MIAMI-MIAMI BEACH-KENDALL FL

ORLANDO-KISSIMMEE-SANFORD FL

WEST PALM BEACH-BOCA RATON-DELRAY BEACH FL

SAVANNAH GA

CHICAGO-NAPERVILLE-ARLINGTON HEIGHTS IL

LAKE COUNTY-KENOSHA COUNTY IL/WI

BOSTON MA

CAMBRIDGE-NEWTON-FRAMINGHAM MA

BALTIMORE-COLUMBIA-TOWSON MD

SILVER SPRING-FREDERICK-ROCKVILLE MD

DETROIT-DEARBORN-LIVONIA MI

CAMDEN NJ

NEWARK NJ/PA

ALBUQUERQUE NM

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

PHILADELPHIA PA

AUSTIN-ROUND ROCK TX

DALLAS-PLANO-IRVING TX

SAN ANTONIO-NEW BRAUNFELS TX

RICHMOND VA

VIRGINIA BEACH-NORFOLK-NEWPORT NEWS VA/NC

SEATTLE-BELLEVUE-EVERETT WA

TACOMA-LAKEWOOD WA

 

 

 

 

 

 

This entry was posted in NACA Purchase Program, NACA Technology, Save the Dream, Uncategorized. Bookmark the permalink. Follow any comments here with the RSS feed for this post. Post a comment or leave a trackback: Trackback URL.

83 Comments