BOA Grant

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  • #71367
    Movebyfaith
    Participant

    Hello,

    Does anyone know if BOA is still doing the grant of 0.5% or 1.0% towards buydown?

    #71369
    Nelsont
    Member

    They are. Not in every MSA though. There is an unpublished set of what amounts to test markets if you are buying in one of those MSAs and your total household income is below 80% of the MSA median income you are automatically gifted a 0.5% interest rate reduction. The list of MSAs has been posted here but it’s buried as a comment in one of the posts. I think it was last week.

    #71371
    Faith81
    Participant

    I found it in the articles written by Tim. Unfortunately everytime I try to post the link it wont let me. Search MSA in the search bar of the forum.

    • This reply was modified 6 months, 1 week ago by Faith81.
    • This reply was modified 6 months, 1 week ago by Faith81.
    #71412
    TTrumble
    Member

    Hello all,

    Here is the list of MSA’s in which the BOA automatic 0.5% rate reduction applies for households making less than 80% of the median income for the MSA in which they are buying:

    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-VENTURA 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

    Tim Trumble
    Online Operations, NACA
    ttrumble@naca.com

    #71418
    txnacahopeful
    Participant

    The last entry on the blog regarding this grant outlined that the benefit was a 1% reduction in rate for those under 80% of the median income in certain areas. At what point did it drop to .5%?

    #71420
    Nelsont
    Member

    September/October 2019.

    In December 2018 Citi unexpectedly exited the mortgage lending industry leaving naca surprised and dumping all of their clients on BOA. As a result, combined with more advertising than ever before, BOA’s naca members doubled over night and nearly tripled in 6 months time and by August 2019 BOA ran out of funding for naca and cancelled the lender match program and the 1% grant program (which were available for all areas at the time). Naca renegotiated a contracted that included a compromise of no lender match and 0.5% grant in certain areas.

    There have also been many many changes to the program in order to deal with the massive influx. While the basic process is still the same for details I would not look at posts older than 6 months.

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