This Bank of America mortgage is designed for low-income homebuyers who have trouble qualifying for a conventional loan. Your annual income must be equal to or less than 80% of the area's median income or you must be buying a home in a low-income area to qualify. The bank will consider other credit indicators if you don't have an established credit history. In terms of up-front costs, a 3% down-payment is required but you only have to pay $500 with your own funds. The remainder of the down-payment and all closing costs can come from a gift, grant or down payment assistance program. You can choose either fixed or adjustable-rate financing.