Bank of America Home Grand Program

[Trevor Ruser]

Hello BiggerPockets world,

I am a RE newbie and looking to begin building a portfolio.  I having been talking to lenders and recently got pre-approved.  My wife recently sent me a link to Bank of America's Home Grant/Down Payment Grant programs offering up to $7.5K in closing costs costs and up to $10k in down payment assistance.  I have read as much of the fine print as I can find and other than using a big bank, it doesn't seem like a horrible deal.  I also feel like there has to be a catch, no one gives away free money without some type of stipulation tied to it.  My next step is actually reaching out to a BoA advisor for  more information but prior to doing so does anyone have any experience with these programs (particularly in the Denver market)?  Any advice or feedback is greatly appreciated!  Thanks! 

[Ryan Kelley]

As a former bank teller for a major bank, I am aware that few people read the contracts that they sign. I applaud you for reading the contract. It doesn't sound like a bad deal to me. The hard part will probably be finding a house to use this arrangement with. For instance, in the event that you need to make an offer over the listing price to win the deal, would the financial terms suggested in your Contract to Buy be strong enough to convince the Seller's Agent and Sellers that you will be able to close?