Bank of America Loan Programs as of Today

Bank of America Loan Programs 1.09.09
100%:
1. Doctor Loan, no PMI. Max loan amount is $1,000,000.00.
2. VA Loan, no PMI. Max loan amount $417,000.00. Seller may
pay up to 4% of closing costs, and pay off judgments and liens.
96.5%:
FHA Loan, see notes below. Max loan amts.
per county. Seller may pay up to 6% closing costs. Judgments and liens must be paid by client or 3rd party.
95%:
30yr, and 15 year fixed rate notes. Paying all closing costs for a purchase…
95% cash out refinance.

90%:
1. The No Fee Loan, with no PMI. Very limited funds at closing.
Second Home

80%:
Investment loans. Do not get mortgage protection, BPP.
Equity Lines.

75% 1. 1x Time Close Construction Loan:
A closing fee credit of up to $1,000 is offered if the customer’s newly constructed property meets Energy Star® energy efficiency requirements. The customer must submit verification, prior to document draw, that the property has been certified to meet Energy Star® energy efficiency requirements in order to receive the closing fee credit. Refer to the Energy Credit Mortgage (Program-Specific Operating Requirements) section in this Guide for important processing information. The lender credit of up to $1,000 is limited to covering transaction closing fees. The credit cannot result in cash-back to the borrower. Land used as down payment.

In addition, most all of our mortgages for primary and second homes now receive a FREE BPP policy for the first year that covers the following: 1. Disability 2. Involuntary Unemployment 3. Hospitalization 4. Loss of Life.

Please be aware of the following based on a FHA loan: With no minimum credit score, you may receive 96.5% financing. The 3% down payment may come from a blood related family member. The seller may pay up to 6% of the closing costs. In addition, a blood related family member may pay the buyers debt down to have them qualified for the loan, based on a high debt ratio outcome.

We now offer financing for up to 4 home with loan amounts not to exceed 3,000,000.00 per home. These are only a few tips that may help in this tough real estate market that we are entering. Please be aware that products and programs are subject to change without notice. Bank of America is an equal housing lender.
Raymond Duncan: Cell 1.800.455.0703 or raymond.duncan@bankofamerica.com