BOA Grant

[Movebyfaith]

Hello,

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

[Nelsont]

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 There is an unpublished set of what amounts to test markets if you are buying in one of those MSAs and your total household income is below 80% of the MSA median income you are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.

[Faith81]

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 1 year, 11 months ago by Faith81.
• This reply was modified 1 year, 11 months ago by Faith81.

[TTrumble]

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

[txnacahopeful]

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%?

[Nelsont]

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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