My understanding is that if you opt to use the BOA .5% interest rate deduction there is a specific limit as to how much you can buy down? Does anyone know what that specific limit is? What would be the lowest interest rate i can buy down with the BOA interest rate deduction?
I think what you were thinking of was when bank of america offered both a 1% rate reduction and a lender match buy down option. Between those 2 you could only choose one. In August 2019 bank of america stopped offering both. Naca renegotiated a 0.5% rate reduction for low income members. That rule has been in effect for that last 12 or 13 months.
Low income = 80% or less of the MSA median income.
As long you meet the income requirements and are buying within a qualifying MSA there are no targeted area restrictions. You can find the list in this blog post here:
Where you want to buy a home. But keep in mind if you are not explicitly clear that you want to buy a home in a different MSA you will be qualified for the MSA of your current residence. States certify mortgage counselors (I think but I’m not positive each state has their own test) so if you want to buy in an MSA that is in a different state there is chance your MC can only take you part way through the process before you need to be transferred. So this is definitely something that needs to be ironed out at the beginning.