Bank of America Will Give You Up to $17,500 to Buy Your First Home

Most first-time buyers assume banks exist to charge fees, not hand out money. Bank of America is the exception. Their Community Homeownership Commitment® program includes two separate grants that can total up to $17,500 — applied at closing, with zero repayment required.

If you're buying your first home in Tampa Bay and haven't heard about this, you're not alone. Most buyers leave this money behind simply because nobody told them to ask.

What Is Bank of America's First-Time Home Buyer Grant Program?

Bank of America's Community Homeownership Commitment® bundles two distinct grants: the Down Payment Grant and America's Home Grant. Together they can reach $17,500 and both are true grants — not deferred loans, not second mortgages that forgive after five years. You don't pay them back.

The program is part of Bank of America's Community Reinvestment Act obligations, which means the grants are targeted at buyers in specific geographic areas and income brackets. Tampa Bay has significant eligible territory, including portions of Tampa, Brandon, Riverview, and St. Petersburg.

How Does the Bank of America Down Payment Grant Work?

Bank of America's Down Payment Grant provides up to $10,000 (or 3% of the purchase price, whichever is lower) to apply directly toward your down payment. It's credited at closing and requires no repayment.

On an FHA loan with 3.5% down, $10,000 covers most or all of the down payment on a home priced around $285,000. Pair that grant with Bank of America's Affordable Loan Solution® mortgage — a conventional loan requiring just 3% down with no PMI — and you're looking at out-of-pocket costs that could drop to nearly zero before other programs even enter the picture.

The grant amount is tied to your purchase area. In most Tampa Bay markets, the flat $10,000 applies. In designated high-need census tracts, the 3% calculation may produce a higher number.

What Is America's Home Grant and How Does It Help?

America's Home Grant gives you a lender credit of up to $7,500 at closing. You choose how to apply it:

Option 1 — Cover closing costs. Non-recurring costs like origination fees, title insurance, and settlement charges typically run $3,000–$7,000 on a Tampa Bay purchase. This grant wipes most or all of that out.

Option 2 — Buy down your rate. If your closing costs are low, you can apply the credit to permanently reduce your interest rate. Over 30 years, even a small rate reduction adds up to tens of thousands in savings.

Most buyers use the credit to eliminate closing costs first. If any amount remains after covering those fees, it rolls into a rate reduction automatically.

Combined with the Down Payment Grant, you're looking at up to $17,500 toward your purchase — before any Florida state or county programs get layered on top.

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Want to know exactly what you qualify for?

Barrett Henry, REALTOR® with RE/MAX Collective, has 23+ years of real estate experience and helps Tampa Bay first-time buyers identify every available grant and coordinate the right lender strategy. Call (813) 733-7907 or check your eligibility now →

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Who Qualifies for Bank of America's Home Grants?

Meeting all five requirements below makes you eligible:

1. First-time home buyer status. You haven't owned a primary residence in the past three years. Even if you owned a home years ago, the three-year window resets your eligibility.

2. Bank of America mortgage. The grants attach to their loan products. You must finance through BofA to receive the credit at closing.

3. Income at or below area median income. In Hillsborough County, qualifying households typically earn at or under $90,000–$100,000 depending on family size. Pinellas and Pasco limits vary slightly. Your loan officer will confirm the exact threshold.

4. Eligible property location. The home must sit within a Community Reinvestment Act–designated census tract. Bank of America maintains a map of eligible areas, and much of greater Tampa Bay qualifies.

5. Homebuyer education completion. You'll need a certificate from a HUD-approved online course before closing. Framework and eHome America are two free options that take four to six hours.

Your underlying credit score, debt-to-income ratio, and employment history govern the mortgage approval itself. The grants follow the mortgage — get approved for the loan, and the grant comes with it.

Can I Stack Bank of America Grants With Other Florida Programs?

It depends, and this is where the details matter.

Florida's down payment programs — Hometown Heroes, HFA PLUS forgivable second mortgages, and county SHIP funds — all have their own lender network requirements. Hometown Heroes, for example, must be originated through a Florida Housing–approved lender. Bank of America may or may not qualify depending on the county and current program enrollment.

If stacking isn't possible, it's often a question of which path leaves more money in your pocket. Bank of America's grants are immediate and require no repayment — making them worth a direct comparison against forgivable second mortgages that carry repayment conditions for three to five years.

For VA loan borrowers at MacDill or other installations, the calculation changes again. VA loans come with $0 down already, so the Bank of America grants would primarily help with closing costs — where America's Home Grant shines.

Your best move is to work with a buyer's agent who can help you run actual numbers across multiple scenarios before you commit to a lender.

What Are the Steps to Apply?

The process is straightforward:

1. Verify your income eligibility. Look up your county's AMI limits through Bank of America's website or ask a local loan officer. This takes about five minutes. 2. Get pre-approved with Bank of America. During underwriting, your loan officer will confirm which grants you qualify for and apply them to your loan estimate. 3. Complete homebuyer education. Take a HUD-approved course and save your certificate. You'll submit it before closing. 4. Find your home. Work with a buyer's agent who understands grant timelines so your offer terms and closing schedule account for any additional documentation. 5. Close and receive the grant. The $7,500 and up to $10,000 appear as credits on your closing disclosure. You see the savings immediately.

From pre-approval to closing typically runs 30–45 days, consistent with a standard mortgage timeline.

Don't Leave $17,500 on the Table

This is real money from a major national bank — no gimmicks, no repayment, no catch beyond the standard income and eligibility requirements. Most buyers never ask because nobody points them toward it.

Tampa Bay buyers are qualifying for these grants right now. The programs are funded. The eligibility areas cover much of the region. The question is whether you know to pursue them.

Barrett Henry, REALTOR® with RE/MAX Collective, works with first-time buyers to layer every available resource — bank grants, state programs, county funds — into a strategy that gets you into a home with the least money out of pocket. With 23+ years of real estate experience, he knows which programs are worth the paperwork and which combinations actually close.

Call (813) 733-7907 or start your eligibility check at /eligibility to see what you qualify for before your next offer.