Bank of America announced it is launching a new loan program for medical professionals
The Doctor Loan from Bank of America is for licensed, practicing physicians or residents, dentists or other eligible medical professionals. It features a range of fixed and adjustable rate loans and offers significant advantages including:
- As little as 5% down on mortgages up to $850,000
- Employment start date up to 60 days after closing
- Student loan debt excluded from total debt calculation
Bank of America joins SunTrust in targeting this segment (see below).
The Doctor Loan Program is a residential mortgage loan developed specifically for Licensed Residents/Interns/Fellows and Licensed doctors who have completed their residency within the last ten (10) years.
This innovative loan program is available for both home purchases and refinances. It offers competitive pricing along with special relationship discounts. No mortgage insurance is required.
For licensed medical physicians who have completed their residency within the last 10 years:
- Up to 100%†§ financing for loan amounts up to $650,000
- Maximum loan amount of $1.5 million
For Residents, Interns and Fellows:
- Up to 100%†§ financing
- Maximum loan amount of $417,000
Both fixed rate and adjustable rate* loans with interest-only options** are available.
We offer rate/term and cash-out refinances up to 89.99% Loan-to-Value (LTV).
If you are planning to buy a home in the Charleston Area, leave us a message on 843-416-1434 or send us an email. We will reply promptly, and welcome the opportunity to assist you by connecting you with one of our trusted mortgage professionals who can explain these loan options and select the best one for you.