How to Buy a Home with No Money Down or Closing Costs
Discover an innovative way to purchase a home with zero money down and zero closing costs through Bank of America's Community Affordable Loan Solution. This program is specifically designed for first-time home buyers in African American and Hispanic communities. It offers a combination of a 3% down mortgage, up to a $10,000 down payment grant, and up to $7,500 in closing cost assistance, enabling buyers to approach the closing table with virtually no money out of pocket.
This program requires no minimum credit score and avoids mortgage insurance, while being applicable to select markets nationwide. To qualify, borrowers need to complete homebuyer education and the property must be owner-occupied. Loan options include conventional, FHA, or VA fixed-rate mortgages. For further information, contact Bank of America at 1-800-641-8362.
Key Program Highlights:
- 3% down mortgage with a grant up to $10,000
- Up to $7,500 available for closing costs
- No minimum credit score or mortgage insurance
- Applicable to select markets nationwide
- Mandatory homebuyer education
- Owner-occupied properties only
- Fixed-rate mortgage requirement
- Available for conventional, FHA, or VA loans
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Timeline
00:00:Introduction to zero money down home buying.
05:30:Overview of Bank of America's Community Affordable Loan Solution.
10:15:Details on down payment grants and closing cost assistance.
15:45:Eligibility criteria and education requirements.
20:00:Loan types and market applicability.