Contrary to popular belief, doctors are not immune to financial challenges (especially early on in their careers).
Take homeownership for example. In the past, it was actually quite difficult for new medical professionals to qualify for traditional mortgage loans due to high student debt low credit scores and limited income history.
Fortunately, lenders have adapted. Bank of America is one financial institution that has long supported medical professionals of across various career stages and medical specialities. In this company review, we cover:
- Bank of America's company background and history.
- Bank of America's physician loan eligibility.
- Bank of America's physician loan benefits.
Let's get started.
About Bank of America
Headquarted in Charlotte, North Carolina, The Bank of America Corporation is the second largest bank in the United States after JP Morgan Chase & Co.
As of 2018, Bank of America had $2.33 trillion in assets, over 5,000 branch locations and 16,000 ATMs supported by 200,000+ employees.
Bank of America’s story dates all the way back to 1904. Over the past century, the company has endured a series of mergers and acquisitions. Today, the bank is among the leading financial institutions in the world, serving:
- Large corporations.
- Small and mid-sized businesses.
- Individual customers.
Bank of America offers a full range of banking, asset management, investment and other risk and financial management services and products. Its services and products can be accessed through its physical offices and online. It serves its clients through operations across the U.S., its territories and approximately 40 countries.
Bank of America physician mortgage loan basics
Like its closest competitors, Bank of America launched its Doctor Loan Program to better serve medical professionals. However, Bank of America's program is anything but average. In addition to being available in all 50 states, Bank of America accepts a wide range medical specialities, including:
- Medical Doctors (MD).
- Doctors of Dental Surgery (DDS).
- Doctors of Dental Medicine (DMD).
- Doctors of Osteopathy (DO).
- Doctors of Optometry (OD).
- Doctors of Ophthalmology (MO).
- Doctors of Podiatric Medicine (DPM).
Physician mortgage loans from the Bank of America are available for the acquisition of various property types, including condominiums, planned unit developments and single-family homes. To be considered for a physician mortgage loan from Bank of America, you must fulfill certain eligibility requirements, including:
- You must be a United States Citizen, permanent non-resident, or a trustee of living trusts.
- You must have a confirmed residency or employment start date within sixty days of loan closing.
- You must have a credit score of 720 or higher.
- You must have a savings or checking account with the bank.
- You must be in a position to make at least 5% down payment on the property from your own funds.
Needless to say, Bank of America's physician mortgage loan program empowers young medical professionals to become homeowners early on in practice.
Is a physician loan from Bank of America right for you?
Get a quick, free rate comparison here to find out!
Benefits of home financing with Bank of America
Let's take a closer look at some of the key benefits of financing your home with a Bank of America physician loan.
Loan amounts up to $850,000
Bank of America offers mortgage loan amounts up to $850,000 to licensed physicians, dentists and other doctors. Whether you are buying your first home or your forever home, chances are that Bank of America will be able to offer you the mortgage loan that you need.
Low down payments accepted
Unlike other physician mortgage loan programs that offer 100% financing for certain borrowers, Bank of America does require a very small downpayment of at least 5 percent. Still, this makes physician mortgage loans from Bank of America for those still living on a resident's income. If you are an eligible doctor or resident who is unable to make a larger down payment, a physician mortgage from this bank will make purchasing a new home more affordable.
Fixed and adjustable-rate mortgage loans available
Bank of America offers both fixed and adjustable rate mortgage loans. When you choose a fixed-rate mortgage loan, your interest rate will remain the same for the entire loan term. Also, your monthly payment of principal plus interest will not change during the entire loan term. When you choose the adjustable-rate mortgage loan, your montly payment and interest rate may change periodically during the loan term.
Private mortgage insurance is not required
Most lenders require borrowers to purchase private mortgage insurance (PMI) in order to be approved. However, Bank of America does not given the low risk of default that doctors present. This helps to keep your monthly payments as low as possible, giving you more flexibility when paying down your home.
Bank of America's physician mortgage loan program is available to a wide range of medical specialities, regardless of career stage. This is an especially strong option for new doctors who are just entering professional practice.
In order to make your decision, it helps to understand a little bit about:
- The company's background and history.
- Bank of America's eligibility requirements.
- Benefits of home financing with Bank of America.
Still not sure if Bank of America's physician loan program is a realistic route to homeownership for you? No worries --- simply request a personalized rate comparison right here at LeverageRx. It's quick, unbiased and free of charge!