The $10,000 Grant Most Immigrant Families Have Never Heard Of

There is a $10,000 grant for first-time homebuyers sitting largely unclaimed in immigrant communities across the United States. It comes from one of the country’s largest banks. It does not need to be repaid. And most of the families who qualify for it have no idea it exists.

Bank of America’s Down Payment Grant program offers up to $10,000 (or 3% of the purchase price, whichever is less) toward a home purchase in select markets. The grant requires no repayment and targets exactly the communities where many immigrants live: Black/African American and Hispanic-Latino neighborhoods in cities like Los Angeles, Miami, Dallas, Detroit, and Charlotte.

This guide explains what the program covers, who qualifies, and how to apply step by step. If you are an immigrant thinking about buying a home, this may be the most important financial resource you have not yet explored.

Disclaimer: This article is for informational purposes only and does not constitute financial or legal advice. Grant program terms, eligible markets, and income limits may change. Always verify current eligibility requirements directly with Bank of America before applying.

What Is the Bank of America Down Payment Grant?

Bank of America’s Down Payment Grant is part of the bank’s broader Community Homeownership Commitment, a $15 billion initiative designed to expand homeownership access for modest-income and first-time buyers. The grant itself provides up to $10,000 toward the down payment on a home purchase in qualifying locations.

Here is what makes it unusual compared to other assistance programs:

  • It does not require repayment. The funds are a true grant, not a second mortgage or deferred loan.
  • It does not require a minimum credit score. The companion loan product (the Community Affordable Loan Solution) uses alternative credit guidelines based on payment history for rent, utilities, phone, and auto insurance.
  • It does not require private mortgage insurance (PMI). This alone can save hundreds of dollars per month compared to a conventional loan.
  • It does not require a down payment from the borrower when combined with the companion loan program.

According to Bank of America’s official program page, the Down Payment Grant can be paired with the America’s Home Grant, which provides an additional lender credit of up to $7,500 toward closing costs. Combined, eligible buyers may be able to purchase a home with little to no money out of pocket.

Why Immigrant Families Are Missing This Opportunity

The homeownership gap between white and Hispanic Americans sits at nearly 20 percentage points, according to the National Association of Realtors. The gap between white and Black Americans is nearly 30 points. Bank of America designed this program specifically to address those disparities; yet uptake in immigrant communities remains low.

The reasons are predictable:

  • Language barriers mean the program is not reaching Spanish-speaking families who would qualify.
  • Fear of engaging with large financial institutions keeps many immigrant households away from the banks that offer it.
  • Misinformation about eligibility leads families to assume they do not qualify because of immigration status.
  • Lack of trusted intermediaries who can explain the process in a culturally familiar way.

The result: a significant grant program, funded and available, goes unused by the very communities it was built to serve.

Who Qualifies for the Bank of America Down Payment Grant?

Eligibility is determined by three primary factors: income, location, and first-time homebuyer status. Immigration status is not listed as a disqualifying condition.

Income Limits

Income limits apply and vary by location. They are based on the area median income (AMI) for the county or metropolitan area where the home is located. Bank of America sets these limits to ensure the program reaches modest-income buyers rather than high earners.

To find the income limit that applies to you, use the Bank of America Down Payment Center at bankofamerica.com/mortgage/affordable-housing-programs or speak with a mortgage specialist at 1-800-641-8362.

Property Location

The property must be located in a qualifying market. The program currently covers designated neighborhoods in:

  • Charlotte, North Carolina
  • Dallas, Texas
  • Detroit, Michigan
  • Los Angeles, California
  • Miami, Florida

Bank of America’s Real Estate Center flags properties that are eligible for grant programs, making it easier to identify qualifying homes during your search.

First-Time Homebuyer Status

You must be a first-time homebuyer, defined as someone who has not owned a primary residence in the past three years. If you owned a home outside the United States and have not owned one here in the past three years, you may still qualify.

Homebuyer Education

Before applying, you must complete a homebuyer education course through a HUD-approved counseling agency. Bank of America has approved partner agencies in each of the qualifying markets. The course covers budgeting, the mortgage process, and ongoing homeownership responsibilities. It is typically offered online and free of charge.

Find a HUD-approved housing counselor at hud.gov/program_offices/housing/sfh/hcc/hcs.

How the Community Affordable Loan Solution Works

The Down Payment Grant is designed to work alongside the Community Affordable Loan Solution, a specialized mortgage product with terms that are notably different from conventional loans.

FeatureCommunity Affordable Loan SolutionConventional Loan
Minimum credit scoreNone requiredTypically 620–680
Down payment$0 (with grant)3%–20%
Private mortgage insuranceNot requiredRequired below 20% down
Closing costsCovered by America’s Home Grant (up to $7,500)Paid by buyer
Credit assessmentRent, utility, phone, auto insurance historyTraditional credit report

The absence of a minimum credit score is significant for immigrant families who are still building their US credit history. Instead of a FICO score, the bank evaluates alternative payment history: whether you have consistently paid your rent, phone bill, electricity, and car insurance on time. For many immigrants, this is a much more favorable standard.

The mortgage itself uses a fixed interest rate. Loan amount limits apply and vary by location.

How to Apply Step by Step

The application process has five stages. Working through them in order avoids common delays.

  1. Confirm your eligibility. Call Bank of America at 1-800-641-8362 or visit their mortgage center online. Ask specifically about the Community Affordable Loan Solution and the Down Payment Grant in your target city. Confirm the current income limits for your area.

  2. Complete a homebuyer education course. Find a HUD-approved counseling agency through hud.gov. Complete the required course and obtain your certificate. Keep a copy; you will need to submit it with your application.

  3. Gather your documents. You will typically need:

    • Government-issued photo ID (passport, Matricula Consular, or state ID)
    • ITIN or SSN
    • Proof of income (recent pay stubs, two years of tax returns, or employer letter)
    • Twelve months of bank statements
    • Proof of US address (utility bill or lease dated within 60 days)
    • Twelve months of rent payment history (bank statements or landlord letter)
    • Homebuyer education certificate

  4. Apply for the mortgage and grant simultaneously. Work with a Bank of America mortgage specialist to submit your application. The Down Payment Grant is applied at closing; you do not receive the funds separately.

  5. Work with a HUD-approved housing counselor. Bank of America requires pre-purchase counseling from an approved partner. This counselor will review your budget, your application, and the terms of the loan before closing.

What the Grant Covers and What It Does Not

Understanding the scope of the grant prevents surprises at closing.

The Down Payment Grant covers:

  • Up to $10,000 (or 3% of purchase price) toward the down payment
  • Applied directly at closing; no cash changes hands

The Down Payment Grant does not cover:

  • Property taxes (you will need to fund an escrow account at closing; this is typically 12 months of estimated property taxes and homeowner’s insurance)
  • Home inspection fees
  • Moving costs
  • Repairs or improvements after purchase

The America’s Home Grant, a separate but complementary program, provides up to $7,500 in lender credits toward non-recurring closing costs such as title insurance and recording fees. When both programs are combined, the out-of-pocket cost at closing can be reduced to primarily the escrow funding requirement.

One important note: the Down Payment Grant may be considered taxable income. Bank of America issues a 1099-MISC for the grant amount. Consult a tax professional to understand how this affects your return in the year you close.

Other Down Payment Assistance Programs for Immigrants

The Bank of America grant is the most accessible option in its qualifying markets, but it is not the only one. Depending on your state and city, additional programs may be available.

Federal and State Programs:

  • HUD’s Down Payment Assistance Programs: HUD maintains a searchable database of state and local down payment assistance programs at hud.gov/buying/localbuying. Many state programs do not have immigration status requirements.
  • USDA Rural Development Loans: For properties outside major metro areas, USDA loans offer low-interest financing with reduced down payment requirements to eligible buyers.
  • State Housing Finance Agencies: Every state has a housing finance agency offering first-time buyer programs. Many are open to lawful permanent residents and some to ITIN holders. Search “[your state] housing finance agency first-time homebuyer.”

ITIN-Specific Mortgage Programs:

For immigrants who do not qualify for conventional financing, ITIN mortgages remain an option through select private lenders. These typically require a 15% to 20% down payment and carry higher interest rates than conventional loans. Lenders including Self-Help Federal Credit Union, Acra Lending, and some community banks offer ITIN loan products.

For a complete guide to ITIN mortgages, see our article: ITIN Mortgages in 2026: What Lenders Actually Require.

Common Mistakes to Avoid

  • Not verifying current program availability: Bank of America’s grant programs are subject to funding availability and market expansions. Always confirm the program is active in your target area before investing time in the application.

  • Skipping the homebuyer education requirement: Applications submitted without a valid HUD counseling certificate will be delayed or declined. Complete this step first.

  • Assuming you do not qualify because of your immigration status: The program’s eligibility criteria center on income and location, not citizenship. Do not self-disqualify before speaking with a specialist.

  • Underestimating the escrow funding requirement: Even with the grant covering the down payment and the America’s Home Grant covering closing costs, you will need funds to seed your escrow account (typically 12 months of property taxes and homeowner’s insurance). Budget for this separately.

  • Applying for multiple mortgages simultaneously: Each application generates a hard credit inquiry. If you are building credit, space out applications carefully and work with one lender at a time.

Your Rights as a Homebuyer

Regardless of immigration status, US consumer protection law applies to you throughout the homebuying process.

  • Fair Housing Act: Lenders, sellers, and real estate agents cannot discriminate based on national origin. This protection applies to all buyers in the United States.
  • Equal Credit Opportunity Act: Lenders cannot deny credit based on race, color, religion, national origin, sex, marital status, or age.
  • CFPB Protections: The Consumer Financial Protection Bureau oversees mortgage lending and accepts complaints from any buyer who believes they have been treated unfairly. File a complaint at consumerfinance.gov or call 1-855-411-2372.
  • HUD Housing Counselors: You are entitled to free or low-cost housing counseling through HUD-approved agencies before, during, and after your home purchase.

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