BOA grant clarification

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  • #66443
    frankysmom
    Member

    Is the grant for target members half a point or a full point? Recent posts say 1 point, has that been reinstated? Thank you.

    #66475
    kjenkins79
    Participant

    I am wondering that as well. That will make a big difference in what properties are within my affordability without using a large portion of my own funds

    #66811
    teacherinsf
    Participant

    I would like to know that as well. What are the qualifications for the grant?

    #66812
    Nelsont
    Member

    @teacherinsf Qualifications for the grant were a total combined household income of less than 80% of the MSA median income. The grant, to my knowledge, is no longer offered and has been dissolved as of August 2019. BOA ran out of grant funds 4 months ahead of schedule due to Citi unexpectedly exiting the mortgage industry in 2018 and dumping all their naca clients onto BOA. Plus naca had more members join in 2019 than ever before. Naca and BOA have not been able to agree to new terms that I am aware of.

    There is however an automatic interest rate reduction if your total combined household income is less than 80% of the MSA median income. There is a question about whether it’s a 1% or 0.5% rate reduction and also whether it is offered in every MSA – I have seen at one point it looked like a trial only offered in a select few MSAs – which was not advertised and only broadcast by the local offices.

    There was a point in which members who met the income requirements could take either the grant or the rate reduction but, not both. Now the rate reduction is the only offering, again, to my knowledge.

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