Bank of America Physician Mortgage Loans

Physician Mortgages--A Niche Product for Doctors and Dentists

Lynne Cody

January 27, 2020

Lynne Cody

January 27, 2020

Bank of America Physician Mortgage Loans

Physician Mortgages--A Niche Product for Doctors and Dentists

Lynne Cody

January 27, 2020

Why a Bank of America physician mortgage loan?

Although physicians often enter medical practice burdened with debt, being a medical professional comes with benefits. Lenders, recognizing the solid financial reputation of physicians, offer exclusive financing to help doctors achieve financial freedom. This means you can purchase a home, begin or expand private practices, and maintain a comfortable living, even right out of medical school or residency.

The lenders

In this series, we evaluate some of the top lenders in this financial arena. These are institutions which understand the income potential and outstanding payment history of physicians and can offer perks like competitive rates and higher debt.

Bank of America has been in the physician mortgage industry for many years, supporting doctors in their quest to purchase and refinance homes and entering private practice. And as the second largest banking institution in United States, Bank of America has a solid reputation of serving a wide variety of customers with their financial needs.

Bank of America’s doctor loan program is a nationwide program, offered in all 50 states, and encompasses a wide variety of medical specialties. Additionally, many different types of properties are accepted by Bank of America—including condominiums and other multi-property developments.

Bank of America physician mortgage eligibility

Minimum credit score

States available

Loan amounts for residents and fellows

Loan amounts up to $850,000 to licensed doctors and dentists
Can close 60 days prior to employment with proof of signed contract
5% Down Payment (from own sources)

Loan amounts for practicing physicians

Loan amounts up to $850,000 to licensed doctors and dentists
5% Down Payment (from own sources)

Eligible borrowers

Highlights

Must be: U.S. Citizen , permanent non-resident
Can close 60 days prior to employment with proof of signed contract
Established savings or checking account
5% Down Payment (from own sources)
Fixed-and adjustable-rate physician mortgage options for borrowers looking for varying terms to best fit their specific needs
No Private Mortgage Insurance (PMI). Many lenders require private mortgage insurance for low-down payment loans. However, due to the low risk of physician borrowers, Bank of America does not require this additional expense

As you can see, Bank of America has a strong history of financial services, and with offices in every state, you can find a location near you. In the following articles, we will introduce you to other leading physician mortgage lenders.