Can you combine the 2021 Bank of America Home Grant Assistance Program ($17,500- for closing costs, down payments, and/or; for point reduction) when you are qualified through NACA? In order to qualify for the BOA home bank program, you have to get your home loan through BOA. NACA is, in fact, financed through BOA, so will this combination work? Please advise. Have anyone tried to to use this assistance program while NACA approved?
I don’t think so. This topic has be brought up several times in the past with no definitive word. I think because bank of america is already granting every member automatically closing costs they may not allow double dipping of their programs. What I do know is closing costs grants do not work with naca. You must be able to use 100% of the funds for down payment (point buy down) without needing to pay them back. I know this was not completely helpful. If you get anywhere with this grant let us know since the question is asked often.
Unfortunately, the BOA Home Grant Program cannot be combined with NACA. We have our own program through BOA in which most members can reduce their interest rate even lower. Therefore, other Bank of America program cannot be combined with NACA. the newly revised terms of our program with BOA were emailed to our members recently and just went into effect this past Monday, May 3rd. The details have been posted in at least one other thread here on the Forum and are available on the the NACA website as well.
There are many other programs out there though that are compatible with NACA and your counselor can help you find ones in your area.