I had a client who used the Bank of American Doctor Loan program a couple years ago as she transitioned from medical school to her residency. It was perfect for her situation.
In the email I received earlier today, the Bank of America sales manager called this program new, so I imagine they’ve done some refining in this tight lending market. There are restrictions, but from a high-level, the program provides the following:
The Bank of America Doctor Loan is for residents and licensed, practicing doctors, including dentists and other eligible medical professionals. This home loan offers significant advantages for these buyers, including:
- As little as 5% down on mortgages up to $850,000 (some limitations apply)
- Employment start date up to 60 days after closing allowed
- Student loan debt not included in total debt calculation
- Financing for attached or detached single-family residences, PUDs and condos
If you have a relationship with Bank of American already, contact your branch for details. If not, let me know and I will pass on the contact information that I have.
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As an ex-banker, we used to make these types of loans to medical professionals on a regular basis. Not only for for their home, but loans to open their medical office, at preferential rates, as well. In 20 years, I only had one physician that I had a problem with, who didn’t believe in paying his bills. ( Must have been against his religion??)
Thanks for the input, Gustav. We are in a time where lending has gotten so much tighter. I hope we find a more balance, so money will flow more easily, soon.
I’m looking for a refi in Florida. Could you help me with this?
Nat, what city?