I just got both BoA grants approved, the process has been straight forward, our loan officer is very helpful and we are very happy, scheduled closing 05/05/2021
@@stephgonzalesc I’ve been working with a BoA financial advisor for over a year ( free service for customers) and he mentioned the grants, when we made the decision to buy a home he put us in contact with a BoA loan officer and we applied that way, pretty simple.
The process was initially pretty simple for me, BUT... due to delays on Bank of America’s part, my closing has now been delayed 3 times. My advice: stay in daily communication with your loan officer. I’m just praying that my seller accepts this recent extension.
@@Stacious89 would you suggest If approved I have my buyers agent include a 45-60 day close mandate in the offer? I see so many sellers request 45 day rent backs on many properties.
I went to BoA and spoke to a mortgage broker about this program. They qualified me for a conventional loan and will be giving me 5k for down payment and 7.5k for closing costs and points to get the get my interest to 2.8%. Oh and he confirmed that only the down payment grant needs to be added to your income next year. The closing costs grant does not need to be declared on taxes. THANK YOU KYLE!
Were you able to get pre approval letter? Am going through process with BOA, I currently have pre qualification letter but lending officer said I can’t get pre approval letter due to reasons too long to type.
When I went to the bank of america website link you posted. I typed in an address in my area to see if it qualifies and I got a strange error message from my web browser saying the site is not safe
I used this program for my house in Chicago in July 2020. I was very worried that it was too good to be true, but my loan officer was very good and made the process very easy. It was easier to connect via email, but that was fine with me and he answered all my questions no matter how simple or difficult they were.
Their ulterior motive is to make money off you from the interest on the mortgage. Giving you $10k to get into a house where they will collect $100k in interest over 30 years is a great ROI for them.
Just bought a house last month, checked their website and it looks like none of the homes in my area are eligible. I’m kind of relieved I didn’t miss out on such a great offer
You should have still checked with a as loan officer because all though the properties may not qualify your income may have qualified and they could of still helped you..
I actually got both of these programs when closing on my house. Bank of America takes longer to close and ran me around for the appraisal but these programs together I didnt pay a cent to get my house.
Another thing I learned is that some counties are not eligible. I was looking for a house here in Illinois and the towns I liked were all in Lasalle, will, grundy, dupage or kendall county. My BoA loan officer told me that Lasalle county was not eligible for the grants but all the others were. That was the bad new. The good news is that my very first offer on a house was accepted and for 5K under asking price. It's in Dupage county so I am good to get both grants! Thanks again for this video. I am getting $12,450 in free money because of it.
I’m glad I clicked on this video. I’m looking to buy my first home with my family. I’m going to my local boa and talk more to find out how I can get this going. Thanks. Great video.
Please look at the paper work or documents before you sign. I was told I was getting a grant. 10 years later, I learned it was a loan. Please read the documents even with an attorney. Please
I heard of one grant (not any of these mentioned) where the stipulation was the owner needed to live in the home for 15 years during which the grant was considered a loan. After 15 years it became a grant and then it didn't need to be paid.
In NYC, the max income is 65k. For coops/condos, you have to make sure the property is approved by them. Generally, it means the location of the property has to be in a medium, moderate or low income level. I’m approved with them but the property I want might not be approved by them.
I just closed using these two grants. I got an apr of 2.6 and online put about a 5% down payment and paid NO closing costs! I closed on my scheduled closing date.
So very informative! I am actually looking into the program but did have some questions. You have no idea how much this information has helped me! I will keep you posted! Thanks 🤗
I used BOA for Modified Home Loan program through Obama;s help program 10 years ago and my experience with BOA was horrible, I had to stay on them constantly. They stalled 3 to 4 times asking for a 14 page document to be faxed each time saying it was my fault they did not receive it, I had to do their job for them, but after the 3rd delay I called my congressman and they contacted them about my delays and I was assigned one person on my loan to deal with an that got the ball rolling in record time! But that was a government program this may not be.
Yes, I experienced worse, they put $27,300 on my bank mobile app. Not being able to touch it just be teased about it. Called BofA daily about it. All we got was we will "escalate this". So sad. Then one day it disappeared. This was the PPP loan applied for just to get the run around and no help!
BOA robbed me of my house in 2009 by not allowing me to sell it for the balance due. They said it would devalue other houses they financed in my area. So they held on to it, knowing I could no longer pay. Then after they ran up the fees for a year, they took it and sold my house for the exact amount I could have sold it for.
I've actually looked into this and my income didn't qualify so I would have to buy in an lower income area to qualify which stinks because the school system and neighborhoods aren't the safest. Also, in my area, if you qualify for this, you would have to count it as income when filling your taxes.
Hey I’m 19 and not too educated that much on buying but with this down payment grant can I add to my down payment with out of pocket money to lower the mortgage fee monthly?
Thank you so much!!! I reached out to BOA and I qualify for this program. I should get the full $17,500 based on the house prices we are looking at. Now I just need to find a house!
Hi Kevin. Can you share your (so far) experience? You mentioned you qualified for the full amount. Can you say what that was based on? Im going to call them tomorrow hoping they'd tell me the same thing.
@@charneicechatman1596 I'm preapproved for 450k. The 10k down payment grant is based on 3% of the cost of the house up to 10k. Since we are looking for a $400k+ house we would get the full amount. Qualification looks at your income, the location of the house, and your debt/income ratio.
I’m currently doing this program. In the beginning I thought it would take forever cause of my loan reps lag in communication but once my officer was accepted the communication was at a faster speed. My closing time frame was established by my realtor but I could have closed in 30 days instead of 45. So far so good with the program. Scheduled to close 5/7/21
Fellow Mortgage Broker, in my market, San Diego County 80% of AMI is a killer. Most folks have some debt, if you make under 74k in my market there's just not much out there for folks. Sad, but true. Additionally, very sadly if you can't offer well above ask AND guarantee part of a potential appraisal shortage it's very tough to get a contract accepted. Brutal, but it's not changing any time soon.
That is where we got our pre approval from. Unfortunately there was no down payment grant for the city we are looking to buy. But we are able to use the closing cost grant. Tiny downside is that they do not lock rates until 60 days before on new construction. But it is still worth it and helps so you can increase your down payment with the money you save. Thanks for letting us know to give them time to close since they take a bit longer😃
I called today to inquire about prequalification and this program and the person I spoke too was super rude and dismissive. Despite me having excellent credit they made me feel bad for giving an estimate of 3% as what I would pay as a down payment and when I asked about this program they said it’s only available in limited zip Codes and areas (which I’d already seen that mine was included). They were so rude and condescending that I ended the call. Why have a program like this for moderate income folks who need assistance if you’re going to make them feel like they aren’t good enough to even call and inquire?
I'm sorry to hear that experience. If ever you experience something like that, you can always report them to their supervisor and let them handle things out. Best of luck!
Fantastic video, but some items are no longer accurate. Specifically, there have been changes which include income caps. Id be happy to help with more details or revisions.
I notice most agent dont like to accept offers when the lender is a bank. I hear they drag there feet. Probably best to use a mortgage lender to get your offer accepted in a sellers market. On another note this is a great grant to help with down payment and closing cost.
Always good for us in the industry to remember LOs and agents don’t buy and sell homes or accept offers. I think our egos can often get a little too trapped in the deal ;) But yes, sometimes a bank approval can be less attractive to a seller. I’ve been hearing good things about BoA’s speed with this program recently, so maybe that can help on the reputation side of things. Thanks for watching, Frank!
@@WinTheHouseYouLove Very true. I probably should had clarified that when there are multiple offers presented to explain how a local rep lender is smoother to work with than a bank. At no point should a agent accept a offer lol
i was prequalified for this but could never get my banker on the phone and he wouldn't reply to my emails. They also won't do a "pre-approval" because it was too much work. went with another lender, no grants.
This is a new program, it was established by the Federal Government in conjunction with the World Bank to helps people in the society to meet up their needs, i got $50,000 delivered to me when i apply for the grant and you don't have to pay it back, you can also apply too.
I wish you had spoken on the income limits. I was told it's between $40K and $75K so if you make more (or less) then you can't use BoA DP/CC grants. This is where I am and it's frustrating because I got my loan estimare and thought I was good to go and then I learn this. Albeit stated for FHA and the loan estimate was written for conventional so I'm not sure what canceled me out.
I used this loan in Denver back in December. I discovered this in October 2020 (at the time the fund was just $5B and relatively unmarketed.) I mentioned this during one of your live streams to verify it was a good option so I'm glad you made a video on it for reassurance. I think there are a few other things that I could add to your video after going through the process - at least for the Denver market.
Just to correct: there’s an income limit for low to moderate income area , it’s 150% of the county’s median income. No income limit was when it first came out I think
Bravo Kyle. I knew there had to be at least ONE DPA program that would be acceptable in your opinion. I was beginning to think you were so dead set against DPAs that you wouldn't consider ANY of them. Yes a lot of them are restrictive, but that's not necessarily a bad thing. Staying put for 1 - 5 years in order to get free money that enables you to earn thousands of dollars in equity is an acceptable trade-off in my book.
@@WinTheHouseYouLove A great idea for future videos is you do series of analyses and give your opinion of different DPAs by state or region. For starters, I live in PA and we have SEVERAL DPA programs. I intend to use the First Front Door program in conjunction with PHFA (PA Housing Finance Agency) OR the BOA combo you talked about in this video, whichever gives me the better deal. Doing a series of videos like that would greatly increase your credibility (not that you were lacking) and make you THE GO TO man for getting a mortgage. Not to mention it would be a really long time before you run out of material for this subject. Thanks for all you do.
@@WinTheHouseYouLove Kyle, I think the state sponsored DPAs are also legit good if you're planning to stay in the house for a long time anyway esp if you love the house. As far as converting from FHA to Conventional to lower the PMI, I think waiting for 5 years maybe is the only downfall but some may be willing to eat that for a chance to not shell out a huge downpayment right away. What do you think?
Looking to buy in Houston. BoA offers two programs. 1)NeighborhoodLIFT Down Payment Assistance Program - Houston (17.5k) 2) City of Houston Homebuyer Assistance Program (HAP)(30k). Can I stack these with the mortgage?
My son spoke with a BofA loan specialist here in Texas on yesterday and she informed him the minimum FICO is 700 for this program. Not sure if the 640 minimum is applicable in other states.
Hi I just wanted to thank you for putting this information out there, because my wife and I got approved for both! wouldn't have gotten this if it wasn't for you. closed on 06-14-2021
My loan officer told me that the closing grant does not apply toward the discount points, he said it will be out of my pocket. So I didn’t use the rest of the closing grant toward the discount points. And the rate is locked. Can I still do any adjustment? He told me wrong information that lead to the wrong decision. And he said even I make 20% down I still need to pay low cost PMI, it’s required.
Hi, thank you for sharing! I’m trying to buy a house and this would help a lot. I talked to a loan officer at Bank of America, and she said I need a credit score of 700. Can you tell me where you found it has to be a 640? I believe the loan officer is wrong.
Just for everyone's knowledge, just got off the phone with BOA about this program. They told me the max income is $94,000. This causes my wife and I to not qualify together, only if we do it seperately
I went to Bank of America to deposit a check, and they asked me for ID. I said, “Are you telling me other people are trying to put money into my account and you’re telling them no?”
The biggest con of this program is unfortunately will be Real Estate Agent's Bank of America's reputation during the Short Sale days. This has been passed on to the newer generations of Real Estate Agents as well. It is IMPERATIVE that whoever is helping you in BofA be willing to call the listing agent on homes you are making offers on and be ready to woo them over! If not just send them this video and they will be so infatuated they will take any offer you give them.
Hi, can I use this closing cost grant if I'm not using them as a lender or would they need to be your lender? I'm a veteran and currently trying to use the VA loan but would like to take advantage of this.
Im in north jersey and spoke to a rep about the BOA grants today. They said that it typically takes 45- 60 days to close in my area. It seem like a great program but depending on your area it might be hard to qualify unless you are looking in a low income area. For instance ; in a low.income.to.moderate income areas , the applicant s icome may go up to around 150k ( Newark, East O,etc). I looked at a property in Bloomfield next to.Newark and East orange in Essex County and I could only qualify for the grants if i made under 82k ( sounds great!) ,however with a 50 k income I would.only qualify for.a house around 220 k , which is almost non existent in these areas ,unless you go to an unsafe neighborhood. With that said if I add a coborrower i am able.to afford a house.but then would be over the income threshold to qualify for a grant. Which seems a bit ufair that a single person with a high income of up to around 82k can qualify and a couple that only makes 85k together is unable to qualify. Other than that , I believe its a great program for those who qualify Also the interest rates is on par with other.loan program estimates that i had been prequal or pre approved for 3% at 700 credit
Man, almost a year too late for me!!! With prices going up, this is god sent. Still, don’t use it as an excuse to get a bigger house & make yourself house poor!
If I apply and buy a house w this grant as a first time home buyer. Do I have to repay this grant if I want to sell or rent the property in the future?thank you
@@WinTheHouseYouLove I don't know if I can do that because my NACA counselor told me in order to be approved for $400k in September, I cannot increase any of my credit cards limit or apply for credit anywhere else
I just got both BoA grants approved, the process has been straight forward, our loan officer is very helpful and we are very happy, scheduled closing 05/05/2021
Hi! Did you apply by yourself or with a loan/mortgage broker.
@@stephgonzalesc I’ve been working with a BoA financial advisor for over a year ( free service for customers) and he mentioned the grants, when we made the decision to buy a home he put us in contact with a BoA loan officer and we applied that way, pretty simple.
Love that hear that!! Congrats!
The process was initially pretty simple for me, BUT... due to delays on Bank of America’s part, my closing has now been delayed 3 times. My advice: stay in daily communication with your loan officer.
I’m just praying that my seller accepts this recent extension.
@@Stacious89 would you suggest If approved I have my buyers agent include a 45-60 day close mandate in the offer? I see so many sellers request 45 day rent backs on many properties.
I went to BoA and spoke to a mortgage broker about this program. They qualified me for a conventional loan and will be giving me 5k for down payment and 7.5k for closing costs and points to get the get my interest to 2.8%. Oh and he confirmed that only the down payment grant needs to be added to your income next year. The closing costs grant does not need to be declared on taxes. THANK YOU KYLE!
Awesome, thanks for sharing!!!
Were you able to get pre approval letter? Am going through process with BOA, I currently have pre qualification letter but lending officer said I can’t get pre approval letter due to reasons too long to type.
Good to know!
What was your credit score like? Mines around 660 and afraid to run my credit again lol
That easy?
Just to clarify, you can get a home at a higher price than $333,333, but you'll have to pay any down payment above $10,000.
Thanks for the update and for the video. It's tough in California, entry level homes start at a gorillion dollars.
Thank you Kyle!
When I went to the bank of america website link you posted. I typed in an address in my area to see if it qualifies and I got a strange error message from my web browser saying the site is not safe
@@violindalola that sounds like a Bank Of America problem. Not sure how to fix that for them. Probably just a temp expired SSL or browser error
Thank you for clarifying this
I used this program for my house in Chicago in July 2020. I was very worried that it was too good to be true, but my loan officer was very good and made the process very easy. It was easier to connect via email, but that was fine with me and he answered all my questions no matter how simple or difficult they were.
Thanks for sharing!!
I’m in Chicago, who was you loan officer?
Hi I’m in Chicago and would like to know who you worked with . Thank you
Their ulterior motive is to make money off you from the interest on the mortgage. Giving you $10k to get into a house where they will collect $100k in interest over 30 years is a great ROI for them.
You are too conservative with 100k interest earned.... They will prob make twice that.
👍
@@michaelflinn2791 I agree.
What if you pay it off early? Can you still get the grant without repayment?
Same with car financing- they make money loaning you money- I would have to see GRANT on that paperwork !
Just bought a house last month, checked their website and it looks like none of the homes in my area are eligible. I’m kind of relieved I didn’t miss out on such a great offer
Congrats on the new home!!
@@WinTheHouseYouLove Thank you! Your videos helped me research the process and be confident it was the right decision for me
You should have still checked with a as loan officer because all though the properties may not qualify your income may have qualified and they could of still helped you..
Wow. Congrats!
I actually got both of these programs when closing on my house. Bank of America takes longer to close and ran me around for the appraisal but these programs together I didnt pay a cent to get my house.
Wow! I admire your patience. Congratulations to your home! :)
Thank you!!
I'm going Friday and talking to a loan officer at Bnk of Am. So ready to be a 1st time homebuyer 🏡!!
Best of luck!
Something he did not mention is you need 3 lines of credit. Talk to your BoA lending officer about that.
What do you (they) mean but "3 lines of credit"?
@@kayceedudley8374 credit cards, car loans, etc
@@kayceedudley8374 Look up "line of credit."
Another thing I learned is that some counties are not eligible. I was looking for a house here in Illinois and the towns I liked were all in Lasalle, will, grundy, dupage or kendall county. My BoA loan officer told me that Lasalle county was not eligible for the grants but all the others were. That was the bad new. The good news is that my very first offer on a house was accepted and for 5K under asking price. It's in Dupage county so I am good to get both grants! Thanks again for this video. I am getting $12,450 in free money because of it.
Thanks for sharing!
I got prequalified with another leader for 300,000, w/o grants. I am for sure going to check this out, thanks so much!
Thanks for watching!
Can u gives an update? Im in the same boat anf just came accross this video.
Thanks!
Thanks so much Jennifer!
I’m glad I clicked on this video. I’m looking to buy my first home with my family. I’m going to my local boa and talk more to find out how I can get this going. Thanks. Great video.
Please look at the paper work or documents before you sign. I was told I was getting a grant. 10 years later, I learned it was a loan. Please read the documents even with an attorney. Please
Good reminder!
I heard of one grant (not any of these mentioned) where the stipulation was the owner needed to live in the home for 15 years during which the grant was considered a loan. After 15 years it became a grant and then it didn't need to be paid.
These grants are not required to be paid back. You will have to pay taxes on them as we would send you a 1099 form.
In NYC, the max income is 65k. For coops/condos, you have to make sure the property is approved by them. Generally, it means the location of the property has to be in a medium, moderate or low income level. I’m approved with them but the property I want might not be approved by them.
Thanks for sharing!
Good to know
@@WinTheHouseYouLove
hello, how are you doing, can I asked you a question?
I just closed using these two grants.
I got an apr of 2.6 and online put about a 5% down payment and paid NO closing costs! I closed on my scheduled closing date.
Awesome!!
Just subscribed.People with knowledge passing info......PRICELESS
Thank you so much for watching!! :)
Really wish i knew about this back in march pretty crazy how this has been around since February and kept really quiet.
I hope this one will help. :) Thanks for watching.
OMG I am going to try this out to get pre approved! I really want to buy a home. I am am first time home buyer! :...)
Awesome!!
Good luck !! I closed on my home in December with a grant!
Good luck I hope you succeed 🙏
Best of luck!
Hey! Where are you located? Do you need help finding a Local Realtor?
So very informative! I am actually looking into the program but did have some questions. You have no idea how much this information has helped me! I will keep you posted! Thanks 🤗
I used BOA for Modified Home Loan program through Obama;s help program 10 years ago and my experience with BOA was horrible, I had to stay on them constantly. They stalled 3 to 4 times asking for a 14 page document to be faxed each time saying it was my fault they did not receive it, I had to do their job for them, but after the 3rd delay I called my congressman and they contacted them about my delays and I was assigned one person on my loan to deal with an that got the ball rolling in record time! But that was a government program this may not be.
Interesting! Thank you for sharing your perspective
Yes, I experienced worse, they put $27,300 on my bank mobile app. Not being able to touch it just be teased about it. Called BofA daily about it.
All we got was we will "escalate this". So sad. Then one day it disappeared. This was the PPP loan applied for just to get the run around and no help!
@@errickanderson2180 i could get you a better way to get money on your bofA
Are these grants still available?
BOA robbed me of my house in 2009 by not allowing me to sell it for the balance due. They said it would devalue other houses they financed in my area. So they held on to it, knowing I could no longer pay. Then after they ran up the fees for a year, they took it and sold my house for the exact amount I could have sold it for.
That makes no sense. You can sell your house anytime you want.
You mean you were in foreclosure and they didn't allow you to short sell it.
Is it still available
😂
High quality stuff, great editing keep it up.
Thanks, will do!
If the home price is over 333k, would we still qualify for the DPA program, or would assistance simply cap at 10k?
Hey man what kind of camera do you use? Awesome quality.
Thanks! Sony a7Riii
Here's my set up → ua-cam.com/video/oKzw5LLUj30/v-deo.html
Closed 2 weeks ago, got both grants. Application was easy, my lender was horrible near the closing date.
Glad you passed the "my lender was horrible" stage and I hope all you have been thru was all worth it. Congratulations!
@@WinTheHouseYouLove thank you for this video! This made me get into buying, otherwise I probably would be paying rent. First time buyer here. 🙏🏾👍🏾
I've actually looked into this and my income didn't qualify so I would have to buy in an lower income area to qualify which stinks because the school system and neighborhoods aren't the safest. Also, in my area, if you qualify for this, you would have to count it as income when filling your taxes.
Thanks for sharing!
Suzy would 41k income qualify? I’m in FL.
@@ajjax9952 probably, I'm in TN and my income is above 41k.
Hey I’m 19 and not too educated that much on buying but with this down payment grant can I add to my down payment with out of pocket money to lower the mortgage fee monthly?
Yes you can
Curious if you have done a video on tips for buying bank owned or foreclosure properties.
And how they relate to loans, and the process in general.
I haven't, but it's on my list
@@WinTheHouseYouLove interested in this topic as well.
I'm with Bank of America and I'm just here to let you know we let things slide
Thank you so much!!! I reached out to BOA and I qualify for this program. I should get the full $17,500 based on the house prices we are looking at. Now I just need to find a house!
Hi Kevin. Can you share your (so far) experience? You mentioned you qualified for the full amount. Can you say what that was based on? Im going to call them tomorrow hoping they'd tell me the same thing.
@@charneicechatman1596 I'm preapproved for 450k. The 10k down payment grant is based on 3% of the cost of the house up to 10k. Since we are looking for a $400k+ house we would get the full amount. Qualification looks at your income, the location of the house, and your debt/income ratio.
@@kevink1652 Thank you. Congratulations
Awesome!
Hi Kyle, really great information, appreciate it. I'm going to pursue a BofA grant to purchase my first home. Keep up the good work sir.
I used this grant a month ago. It was awsome
Did u have to get ur loan thru them as well or u just applied, with a different lender?
Awesome!
how much will monthly pymt if you deposit 10% and $180,000. purchase price? in 15 years and 30 years...?
Google mortgage calculator
I’m currently doing this program. In the beginning I thought it would take forever cause of my loan reps lag in communication but once my officer was accepted the communication was at a faster speed. My closing time frame was established by my realtor but I could have closed in 30 days instead of 45. So far so good with the program. Scheduled to close 5/7/21
Love to hear that, thank you!
Please keep us posted on all your experience with the program🙏🏻
@@justcruisinmom1682 I will come back with an update after closing.
If you don’t mind my asking what is your interest rate .?
@@aSlimtube 2.875
the question is, can you put more DP? i know they only cover 3% can you put let’s say another 17% on top so you don’t have to pay for the insurance?
Yep!
DP requirements are 3-20%
Fellow Mortgage Broker, in my market, San Diego County 80% of AMI is a killer. Most folks have some debt, if you make under 74k in my market there's just not much out there for folks. Sad, but true. Additionally, very sadly if you can't offer well above ask AND guarantee part of a potential appraisal shortage it's very tough to get a contract accepted. Brutal, but it's not changing any time soon.
It's a tough market!
That is where we got our pre approval from. Unfortunately there was no down payment grant for the city we are looking to buy. But we are able to use the closing cost grant. Tiny downside is that they do not lock rates until 60 days before on new construction. But it is still worth it and helps so you can increase your down payment with the money you save. Thanks for letting us know to give them time to close since they take a bit longer😃
Interesting, thanks for sharing!
We are approved for that but becareful there is a catch, with our offer the interest rate is fixed.
Thanks for letting us know.
Thank you for the great information. I'm in the process of buying a home for the first time and this video has provided helpful information.
Hi! Thank you for watching. Also, check this video out. > ua-cam.com/video/xBtKMup3jVE/v-deo.html&lc=Ugy7yLgT5qeHyzdMNrd4AaABAg
Need serious help. Live in Alabama and home is falling apart
I called today to inquire about prequalification and this program and the person I spoke too was super rude and dismissive. Despite me having excellent credit they made me feel bad for giving an estimate of 3% as what I would pay as a down payment and when I asked about this program they said it’s only available in limited zip
Codes and areas (which I’d already seen that mine was included). They were so rude and condescending that I ended the call. Why have a program like this for moderate income folks who need assistance if you’re going to make them feel like they aren’t good enough to even call and inquire?
I'm sorry to hear that experience. If ever you experience something like that, you can always report them to their supervisor and let them handle things out. Best of luck!
Fantastic video, but some items are no longer accurate. Specifically, there have been changes which include income caps.
Id be happy to help with more details or revisions.
Can you shoot me an email? kyle@winthehouseyoulove.com
Can you get the closing cost grant and do FHA but also find down payment assistance elsewhere?
I'm not sure, you'd need to ask BoA
I notice most agent dont like to accept offers when the lender is a bank. I hear they drag there feet. Probably best to use a mortgage lender to get your offer accepted in a sellers market. On another note this is a great grant to help with down payment and closing cost.
Always good for us in the industry to remember LOs and agents don’t buy and sell homes or accept offers. I think our egos can often get a little too trapped in the deal ;)
But yes, sometimes a bank approval can be less attractive to a seller. I’ve been hearing good things about BoA’s speed with this program recently, so maybe that can help on the reputation side of things.
Thanks for watching, Frank!
@@WinTheHouseYouLove Very true. I probably should had clarified that when there are multiple offers presented to explain how a local rep lender is smoother to work with than a bank. At no point should a agent accept a offer lol
Not in new construction
I really do appreciate you sharing this Very informative thank you for sharing your knowledge.
Thank you so much for watching!! :)
A grant you don’t have to pay back, right?
Wait does this work if you’re using the VA loan?
The closing cost grant does
i was prequalified for this but could never get my banker on the phone and he wouldn't reply to my emails. They also won't do a "pre-approval" because it was too much work. went with another lender, no grants.
Dang that's super frustrating!
Same here. He told me to check back in 30 days.
How long can we expect this grant program to be in place for?
That's from February 2021 -2025. :)
This is a new program, it was established by the Federal Government in conjunction with the World Bank to helps people in the society to meet up their needs, i got $50,000 delivered to me when i apply for the grant and you don't have to pay it back, you can also apply too.
@@hannahfrank5406 hi Hannah
How we can apply for the $50K grant please ? Thank you 😊
Can I use this grant on top of another down payment assistance program ? I need $28k total
I like how you explain everything wish I could hire you to help me your a wealth of knowledge
Thank you so much for watching!! :)
I wish you had spoken on the income limits. I was told it's between $40K and $75K so if you make more (or less) then you can't use BoA DP/CC grants. This is where I am and it's frustrating because I got my loan estimare and thought I was good to go and then I learn this. Albeit stated for FHA and the loan estimate was written for conventional so I'm not sure what canceled me out.
I mentioned the income limits in the main requirements section
@@WinTheHouseYouLove thank you for pointing it out. 💚
It depends where you live and the county you’re looking to buy. Around me in Maryland it’s about a $85k max.
@@ItzShannyBayB06 I'm looking in NC. When I was looking in VA it was okay but switched the state and canceled me out.
I used this loan in Denver back in December. I discovered this in October 2020 (at the time the fund was just $5B and relatively unmarketed.) I mentioned this during one of your live streams to verify it was a good option so I'm glad you made a video on it for reassurance. I think there are a few other things that I could add to your video after going through the process - at least for the Denver market.
Awesome!!
Just to correct: there’s an income limit for low to moderate income area , it’s 150% of the county’s median income. No income limit was when it first came out I think
Ok thanks
Bravo Kyle. I knew there had to be at least ONE DPA program that would be acceptable in your opinion. I was beginning to think you were so dead set against DPAs that you wouldn't consider ANY of them. Yes a lot of them are restrictive, but that's not necessarily a bad thing. Staying put for 1 - 5 years in order to get free money that enables you to earn thousands of dollars in equity is an acceptable trade-off in my book.
I was waiting for the right one to come along :)
@@WinTheHouseYouLove A great idea for future videos is you do series of analyses and give your opinion of different DPAs by state or region. For starters, I live in PA and we have SEVERAL DPA programs. I intend to use the First Front Door program in conjunction with PHFA (PA Housing Finance Agency) OR the BOA combo you talked about in this video, whichever gives me the better deal. Doing a series of videos like that would greatly increase your credibility (not that you were lacking) and make you THE GO TO man for getting a mortgage. Not to mention it would be a really long time before you run out of material for this subject. Thanks for all you do.
@@WinTheHouseYouLove Kyle, I think the state sponsored DPAs are also legit good if you're planning to stay in the house for a long time anyway esp if you love the house. As far as converting from FHA to Conventional to lower the PMI, I think waiting for 5 years maybe is the only downfall but some may be willing to eat that for a chance to not shell out a huge downpayment right away. What do you think?
Looking to buy in Houston. BoA offers two programs. 1)NeighborhoodLIFT Down Payment Assistance Program - Houston (17.5k) 2) City of Houston Homebuyer Assistance Program (HAP)(30k). Can I stack these with the mortgage?
I doubt it
Question to get this down payment Grant, do I have to get the mortgage from BOA?
Yes
Does either of these grants work for a refinance? Do you know of grants that are available for refinancing?
Thanks! Great information and really well presented.
Glad it was helpful!
Hi, is all hope for purchasing a home lost for people who filed Chapter 13 bankruptcy?
What’s the timeframe between getting approved for the grant and purchasing the home?
I'm not sure, you'd need to talk to BoA for that
My son spoke with a BofA loan specialist here in Texas on yesterday and she informed him the minimum FICO is 700 for this program. Not sure if the 640 minimum is applicable in other states.
Interesting, thanks for sharing!
@@WinTheHouseYouLove no problem and great job on ALL YOUR VIDEOS
Hi I just wanted to thank you for putting this information out there, because my wife and I got approved for both! wouldn't have gotten this if it wasn't for you. closed on 06-14-2021
Congrats!!!!
Try doing the cash hack program I did the cash hack platform and I got paid $10,000 in just a few hours
Can you get a down payment grant on a jumbo loan?
I don't believe so
Do you think if Biden admin follows through with 15k tax credit advance, this grant would stack?
It’s possible!
I wish it doesn’t seem like Biden’s tax credit advance is even a possibility
My loan officer told me that the closing grant does not apply toward the discount points, he said it will be out of my pocket. So I didn’t use the rest of the closing grant toward the discount points. And the rate is locked. Can I still do any adjustment? He told me wrong information that lead to the wrong decision. And he said even I make 20% down I still need to pay low cost PMI, it’s required.
You are always so informative, thanks for sharing.
Glad to help!
Hi, thank you for sharing! I’m trying to buy a house and this would help a lot. I talked to a loan officer at Bank of America, and she said I need a credit score of 700. Can you tell me where you found it has to be a 640? I believe the loan officer is wrong.
I watched a video where a BoA LO said it was 640. If it changed, though they have not mentioned it publicly
will getting three quotes hurt my credit score for buying a house?
No
Is this available in Georgia? I can’t find the list of states
Is there an income limit for both of these two grants?
I believe there now is
Do you have to bank with them to receive the grants?
Just for everyone's knowledge, just got off the phone with BOA about this program. They told me the max income is $94,000. This causes my wife and I to not qualify together, only if we do it seperately
Best of luck!
Was that just for your area or is that the income limit nationwide?
I noticed you were marking the screen while you were talking, what tools do you use for this?
I called my income is over max. they said under 57,000.. I'm over because my overtime put me over so i dont qualify credit score 734 :(
Ah dang, that's tough!
Dang where can I make that much money?
@@-TheMaskedMan- drive a truck and make $78,000 a year.
Same thing happened to me I made 80k and they can just approve me on some houses 😕
I'm out too then. I make over 60k a year. Who can actually afford a house making 57k a year?
I have been with BOA for 9 years, when I tried to buy my first house, never got a human talk with me……I had to find another lender at the end….
I went to Bank of America to deposit a check, and they asked me for ID.
I said, “Are you telling me other people are trying to put money into my account and you’re telling them no?”
This has happened when I have paid my bills in person. I was like 🤔
Money Laundering prevention
LOL
Does this only work for conventional loans? I want to use the VA loan for myself as I just came out of chapter 13.
I want to look into this. I’m so glad I found your page!!!
Awesome!!
They will give you the American grant if you have FHA but you don’t get the down payment assistance which is BS
The biggest con of this program is unfortunately will be Real Estate Agent's Bank of America's reputation during the Short Sale days. This has been passed on to the newer generations of Real Estate Agents as well. It is IMPERATIVE that whoever is helping you in BofA be willing to call the listing agent on homes you are making offers on and be ready to woo them over! If not just send them this video and they will be so infatuated they will take any offer you give them.
💙
😂😂😂😂😂😂😂😂😂
do I need to be a first time home buyer for this?
My wife and I plant to buy soon . As first time home buyers you recommend this program ?
Great question I am too will be a first time home owner by next year
It’s an option but get other quotes too
Ok I’ll take that advice . I think it is important to keep options . So you said try private lender ? Credit union ?
What is the minimum monthly payment you should make?
Dude you’re a God send 🙌🏽
Thanks for watching!
So does my mortgage have to be through BoA to get this grant?
No
Contact Mr butler he works with the CDFA, I got my grant from him worth $9,700 within an hour, contact him to see if you are eligible
*Plus, one,Five,Zero,Four,Five,One,Zero,Three,Three,Seven*
Hi! You don't have to be a BoA customer to get this grant. Check this out: 6:41 Main Requirements
Well done video. Thanks for making this :)
Glad you enjoyed it!
Hi, can I use this closing cost grant if I'm not using them as a lender or would they need to be your lender? I'm a veteran and currently trying to use the VA loan but would like to take advantage of this.
What an amazing resource, Kyle. You are amazing!
Thanks!
Im in north jersey and spoke to a rep about the BOA grants today. They said that it typically takes 45- 60 days to close in my area. It seem like a great program but depending on your area it might be hard to qualify unless you are looking in a low income area. For instance ; in a low.income.to.moderate income areas , the applicant s icome may go up to around 150k ( Newark, East O,etc). I looked at a property in Bloomfield next to.Newark and East orange in Essex County and I could only qualify for the grants if i made under 82k ( sounds great!) ,however with a 50 k income I would.only qualify for.a house around 220 k , which is almost non existent in these areas ,unless you go to an unsafe neighborhood.
With that said if I add a coborrower i am able.to afford a house.but then would be over the income threshold to qualify for a grant. Which seems a bit ufair that a single person with a high income of up to around 82k can qualify and a couple that only makes 85k together is unable to qualify.
Other than that , I believe its a great program for those who qualify
Also the interest rates is on par with other.loan program estimates that i had been prequal or pre approved for 3% at 700 credit
Thanks for sharing
@@WinTheHouseYouLove You are very welcome, trying to share some knowledge, as you already share so much with us
Hey have you tried to do the cash hack program I did cash hack and I got paid $10,000 in just few hours
I love your contents.... nice video! I learnt a lot. Big up yuh self 🇯🇲
I appreciate that. Thanks for watching. :)
🇯🇲🇯🇲🇯🇲
Any chance the program will open up in the states it’s not offered in now?
Maybe, let's wait for BoA's update. :)
They just sent me an email on this... you are always on time lol
💁♀️
So, any tips for house buying in Alabama? First time trying and trying to school ourselves in the process.
Man, almost a year too late for me!!! With prices going up, this is god sent. Still, don’t use it as an excuse to get a bigger house & make yourself house poor!
Great advice my friend :)
If I apply and buy a house w this grant as a first time home buyer. Do I have to repay this grant if I want to sell or rent the property in the future?thank you
I cover this in the video
should I use this Bank of America program or wait for NACA for an appointment with a counselor on 09/2/2021? I have excellent credit and $60k saving
Tough to say, explore both :)
@@WinTheHouseYouLove I don't know if I can do that because my NACA counselor told me in order to be approved for $400k in September, I cannot increase any of my credit cards limit or apply for credit anywhere else