Bank of America: Loan Program for Doctors

On August 9, 2010, Bank of America launched their new Doctor Loan Program. The program allows qualified doctors to finance up to 95% of their Conventional Non-Conforming mortgage loan. Certain restrictions apply to applicants who are to begin their new employment/residency within 60 days of closing.

A summary of the Loan Program is as follows:

- Maximum Loan to Value (LTV) is 95% (90% if in a declining market)
- No Minimum Loan amount
- Lender Paid Mortgage Insurance (LPMI) is required for loans over 80% LTV
- No Subordinate financing is allowed

In order to qualify, over 50% of your income must come from actively practicing in the following fields:

- Medical Residents
- Existing or Newly Licensed Medical Doctor (MD)
- Doctors of Dental Science (DDS)
- Doctors of Dental Medicine (DMD)
- Dental Surgeons Specializing in oral and maxillofacial surgery (DMD)
- Doctors of Optometry (OD)
- Doctors of Ophthalmology (MD)
- Doctors of Podiatric Medicine (DPM)
- Doctors of Osteopathy (DO)

In addition to practicing in any of these fields of medicine, you must also have;

- A minimum credit score of 720
- Documented two years of employment/schooling history
- Maximum Debt to Income ratio (DTI) of 41% for loan amounts of $625,500 or less, and a Maximum DTI of 38% for loan amounts greater than $625,500
- Must have an existing banking relationship with Bank of America prior to the closing date of the loan. (Minimum account requirement is a demand deposit account)

Should you have any questions or need further information,
please don't hesitate to contact me, (775) 220-1630
Or visit my website: www.SellingHomesinReno.com

Joshua Talayka
NAR designated: Short Sale & Foreclosure Resource
Chase International
Office: 775 850 5900
Toll Free: 877 922 5900
Cell: 775 220 1630
Fax: 775 850 5901
985 Damonte Ranch Pkwy, Ste. 110
Reno, Nevada (NV) 89521