Just What the Doctor Ordered

Introducing A "No Down Payment Mortgage For Physicians!"

 

No down payment required

No mortgage insurance

Loan amounts up to $500,000.

Fixed and variable rate financing available.

Ideal for Physicians or Residents Who Are Purchasing A Home and:

Need to maximize their tax advantages.

Want to effectively use their savings for other purposes.

Are just getting started and have limited savings.

Requirements:

Good credit standing.

Available funds to pay closing costs.

Bank of America Premier Banking relationship.

 

Contact Harry Gormley

Account Executive for Bank of America Mortgage

410-363-2013

410-363-4416

800-333-1957

 

Eligible property locations: AR, DC, FL, GA, IA, IL, KS, MD

MO, NC, NM, OK, SC, TN, TX, VA

Portfolio Loan Programs

Plan A

 

1. Below Market interest rate (1%)

2. Excellent pricing: can buy down rate 1 pt = 1/4 rate reduction.

3. Loan to value 97% (3% down can be gift, selp, unsecured Loan)

4. Buyer required to contribute 1% of sale price toward closing expense. Seller contribution maximum % of sale price.

5. Bankruptcy: 2 year discharge and acceptable credit.

6. Must attend special Homebuyer Education class.

7. Income cannot exceed 80% of medium income

(see income guideline below)

8. Must not own any Property before settlement on your new purchase

9. Guideline qualifying Ratio’s 30% – 40%

10. Does Include Mortgage Insurance

 

 

Household Size

1

2

3

4

5

6

7

8

Income Limit

$34,550

$39,500

$44,400

$49,350

$53,300

$57,250

$61,200

$65,150

 

 

Portfolio Loan Programs

Plan B

 

1. Same as plan A except this program has two distinct advantages:

A. No private mortgage insurance (which means a cheaper mortgage payment).

B. Front qualifying ratio can be increased to 45% if current rent is similar to mortgage payment.

Example: current rent $500.00 mortgage cannot exceed $625.00 to qualify for 45% front end ratio.

2. The seller is restricted to pay only 3% of sale price toward Buyer closing cost.