Will Bank of America Pay Closing Costs?
What Are Closing Costs?
Closing costs are fees associated with buying or refinancing a home. They are typically paid at the end of the home-buying process. Closing costs can include attorney fees, title fees, appraisal fees, transfer taxes, origination fees, and more. The total amount of closing costs can vary significantly depending on where you live, the size of the loan, and other factors. Generally, closing costs range from 3%-6% of the purchase price.
Does Bank of America Offer Closing Cost Assistance?
Bank of America does offer closing cost assistance in certain circumstances. They offer a program called the Bank of America Closing Cost Grant which can provide up to $5,000 in closing cost assistance to eligible borrowers. This program is offered to eligible borrowers who are buying or refinancing a home through Bank of America. To be eligible for the grant, borrowers must meet certain income restrictions and must qualify for a Bank of America mortgage loan.
What Requirements Must Be Met to Receive Closing Cost Assistance?
In order to qualify for the Bank of America Closing Cost Grant, borrowers must meet certain income requirements. The borrower must have an annual income that is at or below the median income in their county. Borrowers must also meet other eligibility requirements such as having a satisfactory credit history, having a stable employment history, and having a valid Social Security number.
Are There Other Options for Closing Cost Assistance?
In addition to the Bank of America Closing Cost Grant, there are other options for closing cost assistance. Some states and local governments offer closing cost assistance programs. There are also private lenders who offer closing cost assistance programs. It is important to research all of your options to find the best deal for your situation.
Conclusion
Bank of America does offer closing cost assistance in certain circumstances. This assistance can be a great help to eligible borrowers who are buying or refinancing a home. However, borrowers should also research other options for closing cost assistance in order to find the best deal for their situation.