Bank of America Introduces Mortgage Loan for Doctors and Other Medical Professionals
New York, NY (Vocus) September 17, 2010
Licensed medical professionals and select medical residents now have more home loan options to fit their unique needs. Despite generally above-average salaries, new medical professionals may have found it challenging to qualify for FHA or similar home loans due to the student loans and higher debt loads this group tends to carry. To better serve this particular group of customers, Bank of America has launched its new Doctor’s Loan – available in all 50 states – that requires as little as a five percent down payment and flexible terms for eligible borrowers.
“We've long supported members of the medical community with a variety of financial options designed specifically for their distinctive needs,” said Vijay Lala, product executive at Bank of America. “With a lower down payment requirement and flexible financing options, the Doctor’s Loan allows medical professionals the opportunity to purchase a home they can comfortably afford now and into the future.”
The Doctor’s Loan features attractive benefits, including:
- Loan amounts up to $850,000
- Student loan debt not included in total debt calculation*
- Allows for an employment start date up to 60 days after loan closing
- Available for the purchase of a variety of property types, including single-family residences and planned unit developments or condominiums. Applicants must meet certain qualifications to be considered for this loan.
Those eligible to apply include medical residents, existing or newly licensed Medical Doctors (M.D.), Doctors of Dental Science (D.D.S.), Doctors of Dental Medicine (D.M.D.), Dental Surgeons specializing in oral and maxillofacial surgery (D.M.D.), Doctors of Optometry (O.D.), Doctors of Ophthalmology (M.D.), Doctors or Podiatric Medicine (D.P.M.) and Doctors of Osteopathy (D.O.).
In addition, applicants must:
- Be U.S. citizens, permanent-resident aliens or trustees of living trusts
- Have a confirmed employment or residency start date within 60 days of loan closing
- Have a minimum credit score of 720
- Have a checking or savings account with Bank of America**
- Be able to make at least a five percent down payment on the property from their own funds
In addition to the Doctor’s Loan, Bank of America has a number of mortgage options to fit many types of home-buying needs, including options for low- to moderate- income borrowers. More information on all of Bank of America mortgages is available through its large network of mortgage loan officers. For your nearest Bank of America mortgage loan officer, call (800) 344-9403.
First-time home buyers can also gain valuable information on the home buying process as well as other loan types by visiting myhome.bankofamerica.com.
*Some restrictions apply.
**An applicant must've. Open prior to closing, a banking relationship with Bank of America, which can be, at a minimum, a checking or savings account.
Bank of America
Bank of America is one of the world's largest financial institutions, serving individual consumers, small- and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 57 million consumer and small business relationships with 5,900 retail banking offices, more than 18,000 ATMs and award-winning online banking with 29 million active users. Bank of America is among the world's leading wealth management companies and is a global leader in corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 4 million small business owners through a suite of innovative, easy-to-use online products and services. The company serves clients through operations in more than 40 countries. Bank of America Corporation stock (NYSE: BAC) is a component of the Dow Jones Industrial Average and is listed on the New York Stock Exchange.