FAQs

Home Loan Assistance FAQs

Refinancing may make your monthly mortgage payments more affordable by reducing your interest rate, extending your loan repayment period or a combination of both.1 If you choose a fixed-rate mortgage, you'll have a stable interest rate for the life of the loan.

Depending on the type of loan, credit score and other factors, you can typically finance up to 80 -95% of the appraised value of your home, or 97.75% if you have an FHA loan.2 However, the amount can vary depending on your circumstances. Equity is the property's current appraised value minus how much you still owe.

Yes. They can include closing costs, points and application fees. If you prefer, you may roll a portion of those costs into the total mortgage amount to reduce the cash you must bring to closing.3

Refinancing may make your monthly mortgage payments more affordable by reducing your interest rate, extending your loan repayment period or a combination of both.1 If you choose a fixed-rate mortgage, you'll have a stable interest rate for the life of the loan.

Yes. They can include closing costs, points and application fees. If you prefer, you may roll a portion of those costs into the total mortgage amount to reduce the cash you must bring to closing.2

If you don't have the 3-5% equity needed for a standard refinance you may qualify for a low equity refinance option, the amount can vary depending on your circumstances. Equity is the property's current appraised value minus how much you still owe.

Learn important information about payment deferral & forbearance programs as well as how you can request additional assistance.

If you are experiencing financial hardship associated with the coronavirus, Bank of America can provide payment deferrals or payment forbearances (also referred to as a payment postponement) for up to three months or longer.

Both a payment deferral and a payment forbearance are similar in these ways:

  • Your payment due dates are delayed.
  • Your payments aren't forgiven or erased, although we'll work with you on repayment options.
  • There won't be any late charges.

It depends on the guidelines provided by the owners or insurers of your loan.

  • If we own your loan, we may be able to provide you a payment deferral or a payment forbearance.
  • If a third party owns your loan (e.g., Fannie Mae, Freddie Mac), we will follow their guidelines and offer you a payment forbearance.
  • If your loan is insured by a third party (e.g. Federal Housing Administration), we will follow their guidelines and offer you a payment forbearance.

If we own your loan, we're able to provide you a payment deferral or payment forbearance for up to three months.

Bank of America Programs

The Bank of America Payment Deferral Program is available for customers who currently have only one payment due on their loan.

We'll defer home loan payments for up to three months. In general, here's how it works:

  • We'll defer three payments and extend the term of your loan by three months.
  • Interest will accrue during this time period.
  • After this initial payment break of three months, we'll reevaluate your situation and if you are still financially impacted by the coronavirus, we may extend your deferral period for up to a total of six months.
  • If you're able to make your payments during that time, please do so.
The Bank of America Payment Forbearance Program is available for customers who have more than one payment due on their loan (for example, one missed payment and one payment currently due).

We'll work with you to understand your specific needs and recommend a forbearance period of three months. In general, here's how it works:
  • After the initial payment postponement, we'll reevaluate your situation with you and if you are still financially impacted by the coronavirus, we may extend your forbearance period for up to a total of six months.
  • At the end of your forbearance program, we'll work with you on how you can make up the postponed payments. Options may include:
    • You pay back the postponed payments at the end of the forbearance period.
    • We set up a repayment plan allowing you to catch up gradually while you are paying your regular monthly payment.
    • We modify your loan which may provide you with alternative ways of paying back the postponed payments through modifying interest rates, extending loan maturity dates, creating lump sum payments due at loan maturity, or other options available based on bank guidelines.
    • Your home loan is paid in full.
  • If you're able to make your payments during that time, please do so.
If a third party owns your loan (e.g. Fannie Mae, Freddie Mac) or if your loan is insured by a third party (e.g. Federal Housing Administration), we will follow their guidelines and offer you a payment forbearance.

Third Party Program

Under a payment forbearance, we'll work with you to understand your specific needs and recommend a forbearance period of either three or six months.
  • After the initial payment postponement, we'll reevaluate your situation with you and if you are still financially impacted by the coronavirus, we may extend your forbearance period for up to a total of six or twelve months.
  • At the end of your forbearance program, we'll work with you on how you can make up the postponed payments. Options may include:
    • You pay back the deferred payments at the end of the forbearance period.
    • We set up a repayment plan allowing you to catch up gradually while you are paying your regular monthly payment.
    • We modify your loan which may provide you with alternative ways of paying back the postponed payments through modifying interest rates, extending loan maturity dates, creating lump sum payments due at loan maturity, or other options available based on bank and investor guidelines.
    • Your home loan is paid in full.
  • If you're able to make your payments during that time, please do so.
The exact repayment solution will depend on your specific circumstances at the time, but please know we'll work with you.

All you have to do is contact us by visiting our Client Resources website.

If a third party owns your loan, you can also visit:

After your request is complete:

  • Payment deferrals will begin with your current month's payment.
  • The forbearance will begin with your next month's payment.

  • For Bill Pay or transfers through your Bank of America checking or savings account, you'll need to use online banking or the mobile app to cancel those payments. Otherwise, they will continue to be processed.
  • For auto draft or bill pay from any other financial institution or bill pay service, you will need to contact that provider to cancel payments. Otherwise, they will continue to be processed.
  • If you're currently enrolled in a Bank of America automated pay plan, you don't need to take action. We won't debit any deferred payments. Once the postponement period has ended, we'll resume your automated payments.

If you normally pay property taxes and insurance on your own, keep making those payments when they're due.

  • If either your taxes or insurance are not paid on time, we'll make those payments on your behalf. Then, we'll create an escrow account for these payments going forward. If this happens, we'll notify you of any changes and work with you on repayment options.
If your home loan has an escrow account for property taxes and/or insurance, we'll continue to pay those bills.
  • If the annual analysis for your account occurs during the time we've deferred or postponed your payments, you'll receive a notice about the payment changes. After your payment assistance period, we'll work with you on options to pay any escrow shortage that may have resulted. If you want to make any deposits to your escrow account during the payment assistance period, you can do so by contacting us.

You can call us to cancel your participation in the program, and you can make payments at any time.

We won't report your account as delinquent while you are on a deferral or forbearance plan, although some programs require us to identify your account as being in a forbearance plan.

Clients facing financial hardships related to the coronavirus are encouraged to visit our Client Resources website and contact the client services team for assistance. Please have patience with us since our wait times may be longer than usual.

General questions can also be answered in our Mobile Banking app by asking our virtual assistant, Erica.

By accepting payment deferrals you are representing that you are experiencing financial hardship due to the coronavirus. As a result, you may not be eligible for new credit obligations with Bank of America during the assistance period.

If you need an additional extension of your current payment assistance, you can submit a request online anytime up to three months prior to your next home loan payment due date.

Once we receive your request and a decision has been made, we’ll send you a confirmation letter in the mail.

If you are ready to resume payments on your home loan, you will find your payment due date and the amount due in online banking.

For automatic payments through the Bank of America pay plan, please contact us at 800 669 6650 to set those up.

For payments made through Bill Pay or transfer through your Bank of America checking or savings account, you'll need to use online banking or the mobile app to restart those payments.

For auto draft or bill pay from any other financial institution or bill pay service, you will need to contact that provider to set up new payments.

One quick way to check and see if your mortgage may be FHA-insured is to look at page 2 of your Monthly Loan Statement. On the right side of the document under "Loan Type and Term," you'll see the length of the term and the type of loan that our system shows you may have.

If you're having difficulty finding the information, call us.

If you don't have an FHA loan, other options may be available.

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No. If you're struggling now, or believe it will soon be difficult for you to make your next mortgage payment on time due to a hardship (you may hear this referred to as "imminent default"), you may qualify for an FHA modification. As a homeowner, you may find yourself in this situation because of a significant increase in your mortgage payment, a significant reduction in your household income, or some other hardship that makes it difficult to pay your mortgage. You'll be required to document your income and expenses and provide evidence of the financial hardship.

We offer a variety of modification options. These programs are designed to address a variety of circumstances, including underemployment and military service. When you contact us to discuss your situation, we'll first check to see if you're eligible for any other modification program. If you're not eligible for another modification program or if you have chosen not to participate, we will evaluate your request to see if there are any other loan modification options available to you which would allow you to stay in your home.

Yes, but staying current on your payments is the best way to maintain your credit. If you enter into a modification, your loan will be reported as "paying under a partial payment plan" during the trial period, and as "modified" after the final modification agreement. In addition, if you're behind on your payments when you start your trial period, your loan will be reported as "delinquent" until it has been permanently modified, even if you're making your trial period payments. The goal for a modification is to help you to keep your home.

Please note: Credit scores are determined by the credit bureaus and not controlled directly by Bank of America. Our commitment is to accurately report the status of all our customers.

We don't charge fees for a modification. However, you may be responsible for administrative expenses that Bank of America pays to third parties, such as attorney fees and recording fees.

Yes. When you call, be sure to ask us to evaluate both your first mortgage and your home equity loan or home equity line of credit. Your Customer Relationship Manager will go over your financial information with you and compare it to all available loan assistance solutions. If you qualify, we can help you modify both.

Yes. If you qualify, we'll help you modify the home equity loan or home equity line of credit that you have with us. If you're facing a financial hardship, we also recommend that you contact your first mortgage servicer about modifying or refinancing that loan.

Yes, but only through one of our own Bank of America programs that you may qualify for.

Yes, but staying current on your payments is the best way to maintain your credit. If you enter into a modification, your loan will be reported as "paying under a partial payment plan" during the trial period, and as "modified" after the final modification agreement. In addition, if you're behind on your payments when you start your trial period, your loan will continue to be reported as delinquent until it has been permanently modified, even if you're making your trial period payments. A modification is intended to enable you to keep your home, not repair your credit.

Please note: Credit scores are determined by the credit bureaus and not controlled directly by Bank of America. Our commitment is to accurately report the status of all our customers.

Please call us. If it's the right option for you, we'll provide you with additional information and documents to initiate a short sale.

If you can no longer afford to make your mortgage payments and your house is worth less than you owe, a short sale allows you to sell your house at the current fair market value. You then have the option to move to a more affordable situation. Because the proceeds from the sale may not pay off all that you owe, the investor or owner of your loan must approve the sale. Depending on your situation, you may be eligible for a deficiency waiver which means you won't be required to repay any remaining loan balance after the sale.

It's made up of funds that the federal government distributes to the states that were hardest hit by the economic crisis. It includes a set of programs designed to help homeowners faced with a variety of financial hardships.

If you haven't completed a short sale or deed in lieu and your property is in a participating state, you may be eligible for the Transition Assistance Program, which is part of the Hardest Hit Fund.

See if your state participates in one or more Hardest Hit Fund programs. If so, visit your state's website as soon as possible for more information on how to apply.

Due to limitations in federal funding, if your state isn't currently part of the Hardest Hit Fund program, it is unlikely to be approved for this program in the future. See if your state is currently part of the Hardest Hit Fund program.

Please call us to discuss your options. Together, we'll review your loan according to FHA guidelines to determine if you are eligible for a short sale. In most situations, you must be reviewed for a loan modification or other FHA home retention options before you can be eligible for a short sale. Once we have FHA approval to pursue a short sale, we'll determine the minimum sale price and work with a real estate agent of your choice to sell the house.

You may still be eligible, depending on your loan and circumstances. Please call us to discuss your options. In most situations, you must be reviewed for a loan modification or other FHA home retention options before you can be eligible for a short sale.

Once you have submitted all of the required documents, have a valid offer on the property, and signed and returned FHA's Approval to Participate, the foreclosure process may be halted while you are pursuing the sale, subject to applicable law.

The property must generally be owner occupied, meaning you live in the house as your primary residence. You may be allowed to proceed with a short sale if you had to move out because of the adverse financial circumstances (typically caused by job loss, transfer, divorce or a death) that prevented you from making your mortgage payments. In addition, your property must not have been purchased as a rental investment or used as a rental unit for more than 18 months. Please call us to discuss your options.

If you're unable to sell your house within the time allowed, you may be eligible for a deed in lieu of foreclosure.

There are benefits to a deed in lieu over a foreclosure. A completed deed in lieu of foreclosure keeps you from having to go through the public sale or auction of your house. The deed in lieu process generally takes less time to complete than a foreclosure, so your reported delinquency could be shorter and your credit may improve faster.

Because you would sell your house for less than the loan amount in a short sale, you won't receive any money from the sale of your house. However, you may be eligible to receive up to $3,0001 in relocation assistance under the terms of the FHA short sale program.

If a short sale is completed on your property, we'll report that your loan was "paid in full for less than the full balance." You may consider consulting a credit expert or searching online for more information. To learn more about the potential effect of a short sale on your credit, please visit the Federal Trade Commission website.

You should contact a tax professional to gain an understanding of any tax implications.

A loan can be transferred to a different servicer while in the process of a short sale. You may hear this referred to as a service release. A loan servicer sends your loan statements, collects your monthly payments (principal, interest, taxes and insurance) and handles other aspects of your loan. You will be notified at least 15 calendar days in advance if your loan is going to be transferred. Your new servicer will be aware of your short sale status and should have received all of your documents from us. You should continue to work with the new servicer to complete the process you have started or to determine which programs may be most helpful in your current situation.

If the FHA doesn't approve your request for an FHA Short Sale and you can't maintain ownership through an FHA loan modification, you may be eligible for a deed in lieu. Otherwise, normal servicing of your loan will continue and may include foreclosure, subject to applicable law.

A Cooperative Short Sale is a program offered exclusively by Bank of America to gain approval to sell your home through a short sale, and determine an acceptable price before you put your house on the market. This program may help you avoid foreclosure if you owe more on your mortgage than your house is worth. It also may offer relocation assistance to help with moving expenses.

Please call us to discuss your options. In most situations, you must be reviewed for a loan modification or other options before we can proceed with any requests to pursue a short sale. If you don't meet the eligibility requirements for the Cooperative Short Sale program, you may still be eligible to sell your house through a traditional short sale.

If you're unable to sell your house through a short sale, your next option may be a deed in lieu of foreclosure. This option allows you to transfer the title or ownership of the property to the owner of your home loan in order to satisfy your mortgage debt and avoid foreclosure.

Please contact us to review your options.

It may be possible, depending on your loan and circumstances. Please call us and we can evaluate you for other programs, including a loan modification, which may help you stay in your home.

Because you would sell your house for less than the loan amount in a short sale, you won't receive any money from the sale of your house. However, you may be eligible to receive up to $3,0001 in relocation assistance under the terms of the Cooperative Short Sale program.

You may request an extension that would allow you to continue to try to sell the house. If the agreement isn't extended, you may still be able to settle your mortgage debt by signing over your house to us through a deed in lieu of foreclosure.

There are benefits to doing a deed in lieu of foreclosure over a foreclosure. A completed deed in lieu of foreclosure keeps you from having to go through the public sale or auction of your house. The deed in lieu process generally takes less time to complete than a foreclosure, so your reported delinquency could be shorter and your credit may improve faster.

If a short sale is completed on your property, we'll report that your loan was "paid in full for less than the full balance." You may consider consulting a credit expert or searching online for more information. To learn more about the potential effect of a short sale on your credit, please visit the Federal Trade Commission website.

You should contact a tax professional to gain an understanding of any tax implications.

In most situations, you must be reviewed for a loan modification or other options before we can proceed with any requests to pursue a short sale. If you've already been evaluated for a loan modification or other home retention option and didn't qualify, you may be able to follow the traditional short sale process. Please call us to discuss your options.

A loan can be transferred to a different servicer while in the process of a short sale. You may hear this referred to as a service release. A loan servicer sends your loan statements, collects your monthly payments (principal, interest, taxes and insurance) and handles other aspects of your loan. You'll be notified at least 15 calendar days in advance if your loan is going to be transferred to a new servicer. Your new servicer will be aware of your short sale status and should have received all of your documents from us. You should continue to work with the new servicer to complete the process you've started or to determine which programs may be most helpful in your current situation.

Please call us to discuss your options before you put your house on the market. We can evaluate you for other programs, including a loan modification, which may help you keep your home. Call one of our specialists to help determine other options for which you may qualify. They'll work with you to help you determine your best course of action.

Depending on your loan and circumstances, it may be possible. Please call us to discuss your options and we can evaluate you for other programs you may be eligible for.

No. However, qualified homeowners may be eligible for relocation assistance1 through the Cooperative Short Sale program. In this program, homeowners work with us prior to putting the property on the market.

Because of the number of people and amount of paperwork involved in a short sale, it can take longer than a traditional home sale. Typically it takes up to 90 calendar days after the initial offer is received to finalize, although timelines can vary based upon current market conditions and your particular circumstances. In most situations, you must be reviewed for a loan modification or other options before you can be eligible for a short sale. Please call us to discuss your options.

If a short sale is completed on your property, we'll report that your loan was "paid in full for less than the full balance." Learn more about the potential effect of a short sale on your credit.

You should contact a tax professional to gain an understanding of any tax implications.

If we're unable to get approvals from all the necessary parties, a deed in lieu of foreclosure may be available to you. With a deed in lieu of foreclosure, you agree to transfer the title or ownership of your property to the owner or servicer of your loan in order to avoid foreclosure sale and satisfy all or a portion of the mortgage debt. The amount of debt satisfied by this transfer of ownership is based on the approved value of your home. In some cases, you may be responsible for a remaining balance of the mortgage debt over and above the approved value. A deed in lieu generally takes less time to complete than a foreclosure, so your reported delinquency could be shorter and your credit may improve faster.

You should contact a tax professional to gain an understanding of any tax implications.

A loan can be transferred to a different servicer while in the process of a short sale. You may hear this referred to as a service release. A loan servicer sends your loan statements, collects your monthly payments (principal, interest, taxes and insurance) and handles other aspects of your loan. You'll be notified at least 15 calendar days in advance if your loan is going to be transferred. Your new servicer will be aware of your short sale status and should have received all of your documents from us. You should continue to work with the new servicer to complete the process you've started or to determine which programs may be most helpful in your current situation.

No. You can work directly with us to process your request.

No. A deed in lieu must be processed with the lender that holds your mortgage or the company to which you make your monthly payments.

If you have a second lien on your house (also known as a home equity loan or a home equity line of credit), you need the lender's approval to proceed with a deed in lieu. In order to be approved for a deed in lieu, the title to the property must be clear. If your second lien is with Bank of America, we will complete your Second-Lien Release and work to get approval for your deed in lieu request. If your second lien is with another lender, you will need to contact them and request a Second-Lien Release. The lender needs to provide this form and send it to you.

The length of time depends on your loan and circumstances. It generally takes around 90 calendar days from the date we receive your financial documents. Once approved, you will be given 14 to 30 calendar days to relocate. Please call us to discuss your options. In most situations, you must be reviewed for a loan modification or short sale programs before you are eligible for a deed in lieu.

If you've already explored all options to keep the property, normal processing of your loan will continue and may include foreclosure, subject to applicable law. If you have questions about your options, please contact us for assistance.

Although a deed in lieu may have a negative effect on your credit, by completing this transaction you'll avoid a public sale or auction of your house and can begin rebuilding your credit sooner.

We will continue to report the actual status of your account to all credit reporting agencies in accordance with the Fair Credit Reporting Act (FCRA). Upon completion of your transaction, we will report your account as "deed received in lieu of foreclosure on a defaulted mortgage" if you complete a deed in lieu of foreclosure.

Learn more about the potential impact of a deed in lieu on your credit.

Yes, there are alternatives to foreclosure, including short sale and deed in lieu that may allow you to settle your mortgage debt. Please contact us right away to explore options that may be available to you.

Yes. We may not start or advance foreclosure proceedings while your loan is under review for loan assistance. The evaluation process for loan assistance begins when we receive all documents we've requested from you.

Depending on your loan status, there may be fees associated with your mortgage. For example, there are charges for certain payment options, late payments and returned checks. You can see these on our list of mortgage servicing fees. If you are not able to make your mortgage payments, you may incur charges related to nonpayment of your loan. You can see these on our list of default related service fees.

Your mortgage account may be charged for costs associated with nonpayment. Learn more about specific charges by viewing default related service fees.

Please mail all notices of error or requests for information to:
    Bank of America
    Attn: Notice of Error & Request for Information
    P.O. Box 942019
    Simi Valley, CA 93094-2019

It's a written notice from you that details error(s) you believe have been made relating to the servicing of your loan. Your notice must include:

  • Your name
  • Your loan number and/or property address
  • Details about the error(s) you believe have taken place

Only errors related to the servicing of your home loan are covered through this process.

A request for information applies generally to any written request from you for information about the servicing of your mortgage. Please make sure your request includes:

  • Your name
  • Your loan number and/or property address
  • Details about the specific type of information you are requesting from us about your mortgage

No, a notice on a payment coupon or any other payment form isn't considered a notice of error or request for information.

If you have a question or concern about a payment, please call us at 800 669 6607 (Monday-Friday 7 a.m.-10p.m. Eastern).

Within 5 business days from when we receive your request, we'll mail you a letter to let you know that we've received your request.

Then, within 30 business days after we receive your request, we'll mail you a letter providing details on the outcome of our investigation. If we agree that an error has occurred, we'll correct the error and include this in our response.

Please note that if the error relates to providing an accurate payoff balance, we'll respond within 7 business days.

If we determine that an error has occurred, we'll mail you a letter explaining:

  • The correction that was made
  • The date when the correction was made
  • Information about how you can contact us if you need further assistance

If we discover that no error took place, we'll mail you a letter explaining:
  • That no error happened
  • The reason(s) for that determination
  • Details about your right to ask for the documents we reviewed to determine that no error took place and how to submit that request
  • Information about how you can contact us if you need further assistance

Please note that if we determine that additional time may be required to properly research your request, we may extend the review period by 15 business days. If this extra time is needed, we'll mail you a letter before the end of the 30 business-day review period to let you know, and we'll explain the reasons why the extended review is needed.

Within 5 business days from when we receive your request for information, we'll provide you a letter letting you know that we received your request.

Then, within 30 business days after we receive your written request, we'll:

  • Either provide the information requested
  • Or conduct a reasonable search for the information and provide you with a written notice that the information isn't available

If the information you requested isn't available, we'll mail you a letter with details about how you can contact us if you need further assistance.

Please note that if we determine that additional time may be required, we may extend the response period by 15 business days. If this extra time is needed, we'll mail you a letter before the end of the 30 business-day research period to let you know, and we'll explain the reasons why the additional days are needed.

We'll be happy to continue to service your account through email, phone and our banking centers. However, we encourage you to submit any notices of error or requests for information to us in writing at the P.O. Box above to make sure that you receive all the protections under the Real Estate Settlement Procedures Act (RESPA).

No, we do not charge a fee for responding to notices of error or requests for information.

In the mortgage lending industry, it is a common practice to transfer or sell the loan servicing to other experienced mortgage service providers. After a loan is transferred, the new servicer takes care of all loan servicing needs including billing, payment processing and customer support.

Yes, you will be sent a letter at least 15 calendar days in advance of the change, with information about your new servicer. It will explain that monthly statements and other account information will come from the new servicer and that they will help you with any questions about your loan, including any loan assistance solutions. The new servicer will also send a welcome letter introducing themselves to you.

We expect that the quality of your loan service will not change. Your loan will be transferred to an experienced mortgage servicer who will work with you on your mortgage concerns.

The loan assistance programs that may be offered by your new servicer are determined by the owner (also known as the investor) or insurer of your loan. The servicer of your loan is required to evaluate any loan assistance request under the guidelines set forth by the owner or insurer of your loan. If you experience a hardship and struggle with making your home loan payments after the servicing of your loan has been transferred, please contact your new servicer right away to request help. Your new servicer will determine which program may be right for you based on the applicable investor or insurer guidelines.

If you are being considered for a loan modification or other foreclosure avoidance programs when your loan is transferred, your new servicer will be aware of your status and should receive all of your documents from us. You should work with your new servicer to complete the process you have started or determine which programs may best suit your current situation. If you are currently awaiting a decision regarding qualification for these programs, that decision will now be made by your new servicer.

After the transfer is complete, your mortgage account will be moved to the new servicer. As a result, you would no longer access your mortgage information through Bank of America. Prior to the transfer, you may choose to download any information currently online to keep for your own records, such as tax documents, mortgage statements, payment history, etc. The new servicer will be able to provide you with information about access to your loan account information following the transfer. If you have any other accounts with Bank of America, such as checking, savings or credit card, you will still be able to access those accounts through Bank of America's online banking.

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1 If you are refinancing to lower your monthly payment or change from a variable rate to a fixed-rate loan, you should carefully consider the potential increase in the total number of monthly payments and/or the total interest charges paid over the full term of the new refinance loan – especially for borrowers who currently have loans with terms less than 30 years.

2 Monthly Mortgage Insurance Premiums (MIP) and Upfront Mortgage Insurance Premiums (UFMIP) apply. Maximum loan amounts vary by county. Bank of America offers FHA refinance loans to existing Bank of America home loan customers only.

3 Not available on purchase loans. Some borrowers may find it beneficial not to pay their closing costs at closing, but instead, add those costs into the loan balance. Financing closing costs into the loan balance will result in the payment of more interest over time in comparison to paying closing costs at closing. Underwriting guidelines may limit the amount of closing costs which may be financed. Other restrictions apply. Ask for details.

Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.

1 If you are refinancing to lower your monthly payment or change from a variable rate to a fixed-rate loan, you should carefully consider the potential increase in the total number of monthly payments and/or the total interest charges paid over the full term of the new refinance loan – especially for borrowers who currently have loans with terms less than 30 years.

2 Not available on purchase loans. Some borrowers may find it beneficial not to pay their closing costs at closing, but instead, add those costs into the loan balance. Financing closing costs into the loan balance will result in the payment of more interest over time in comparison to paying closing costs at closing. Underwriting guidelines may limit the amount of closing costs which may be financed. Other restrictions apply. Ask for details.

Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.

1 The relocation assistance payment is calculated based on the appraised value of your property and the program rules. The total amount will be no more than $3,000, if you qualify.The payment will be delivered after the closing if you comply with all terms and conditions of the program, which include but are not limited to the following: a valuation of the property must be completed and you must satisfy all subordinate liens and provide clear title for the property. If you are still responsible for a deficiency balance after the sale, you should be aware that this relocation assistance will increase that deficiency since it reduces the amount available to apply towards your mortgage debt. If you do not comply with all terms and conditions of the program, you will not receive the relocation assistance payment. The amount of any relocation assistance will be reported to the Internal Revenue Service (IRS) on the appropriate 1099 Form or Forms. We suggest that you contact the IRS or your tax preparer to determine if you have any tax liability. In order to receive the relocation assistance, the sale of the property must close by the closing date in the short sale agreement. Bank of America reserves the right to change or alter the relocation assistance at any time.

1 The relocation assistance payment is calculated based on the appraised value of your property and the program rules. The total amount will be no more than $3,000, if you qualify.The payment will be delivered after the closing if you comply with all terms and conditions of the program, which include but are not limited to the following: a valuation of the property must be completed and you must satisfy all subordinate liens and provide clear title for the property. If you are still responsible for a deficiency balance after the sale, you should be aware that this relocation assistance will increase that deficiency since it reduces the amount available to apply towards your mortgage debt. If you do not comply with all terms and conditions of the program, you will not receive the relocation assistance payment. The amount of any relocation assistance will be reported to the Internal Revenue Service (IRS) on the appropriate 1099 Form or Forms. We suggest that you contact the IRS or your tax preparer to determine if you have any tax liability. In order to receive the relocation assistance, the sale of the property must close by the closing date in the short sale agreement. Bank of America reserves the right to change or alter the relocation assistance at any time.

1 The relocation assistance payment is calculated based on the appraised value of your property and the program rules. The total amount will be no more than $3,000, if you qualify.The payment will be delivered after the closing if you comply with all terms and conditions of the program, which include but are not limited to the following: a valuation of the property must be completed and you must satisfy all subordinate liens and provide clear title for the property. If you are still responsible for a deficiency balance after the sale, you should be aware that this relocation assistance will increase that deficiency since it reduces the amount available to apply towards your mortgage debt. If you do not comply with all terms and conditions of the program, you will not receive the relocation assistance payment. The amount of any relocation assistance will be reported to the Internal Revenue Service (IRS) on the appropriate 1099 Form or Forms. We suggest that you contact the IRS or your tax preparer to determine if you have any tax liability. In order to receive the relocation assistance, the sale of the property must close by the closing date in the short sale agreement. Bank of America reserves the right to change or alter the relocation assistance at any time.