BOA Closing 0.5% Grant

Home Forums Purchase Program BOA Closing 0.5% Grant

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  • #79847
    indivinefavor
    Participant

    Hi all! Just wondering if this is still a thing? With the way that the mortgage rates are rising… any little bit helps. I searched the forums, but most of the comments are very dated. Can anyone confirm that BOA still gives this to members who are at/below 80% AMI?


    @nelsont


    @ttrumble

    #79928
    TTrumble
    Member

    Hello tristinrobin,

    The terms have changed as of several months ago. Now, low- and moderate-income buyers or buyers in lower income communities receive an interst rate on both the 30-year and 15-year loans that is one full percent lower than that given to higher income buyers. As of this writing (7/19/22) those are 4.75% 30-year rate and 4.0% 15-year rate for low- and moderate-income buyers or buyers in lower income communities. Rates for higher income buyers in higher income communities are one percent higher.

    Also, for the interest rate buy down, 1.5% of the loan amount (i.e. one and a half points) reduces the rate by one-quarter percent with a legally required limit of five to six points.

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