Alberto Cardenas

Conforming loans

We offer a wide variety of fixed- and adjustable-rate mortgage (ARM) product options that could help your clients achieve homeownership.

These loans include:

• Various down payment options
• Fixed-rate terms for 15-, 20-, and 30-year options
• ARMs with 30-year terms and 5-, 7- and 10-year fixed-period options^{Footnote 1}

Affordable Loan Solution^® mortgage

This loan offers a competitive rate and a down payment as low as 3% to help make buying a home more affordable.^{Footnote 2} It may be a good, responsible loan option for qualified homebuyers who don't have enough savings for a larger down payment.

Here are some highlights of the program:

• Competitive rates with a down payment as low as 3%
• Mortgage insurance is required; however, it's at a reduced cost compared to most conventional loans.
• Homebuyer education may be required for first-time buyers through a HUD-approved counseling provider or Connect to Own^®, Bank of America's nationwide network of counselors
• Maximum income and loan amount limits may apply (varies by location)

FHA and VA loan programs

These government lending programs from the Federal Housing Administration (FHA) and Department of Veterans Affairs (VA) can help your eligible clients find low-down-payment options. They serve a vital role for first-time homebuyers and also move up buyers seeking low-down-payment options.

FHA program highlights include^{Footnote 3}:

• Industry standard credit score requirements
• Nontraditional credit
• Higher loan-to-value (LTV) ratios
• Nonoccupant co-borrower
• Up-front Mortgage Insurance Premium (UFMIP) financed or paid in cash by applicant or seller
• Monthly Mortgage Insurance Premium (MIP) required

VA program highlights includeFootnote ⁴:

• Industry standard credit score requirements
• Nontraditional credit
• Up to 100% LTV ratio
• No mortgage insurance (While VA loans do not have mortgage insurance, the borrower may be required to pay a VA funding fee. This fee is typically financed into the loan amount.)

Jumbo loans

I'm here to help your clients who are looking at higher-value homes. We offer jumbo loans in a range of amounts that can meet the needs of a variety of buyers. These loans feature:

• Loan amounts up to $5 million on owner-occupied properties, up to $3 million on second homes and up to $1 million on investment homes.^{Footnote 5}
• Competitive fixed-rate and adjustable-rate mortgages (ARMs),^{Footnote 6} 10-year interest-only payment option on ARMs up to $5 million and on fixed-rate mortgages up to $2 million.^{Footnote 7}
• Low down payment options with no mortgage insurance for qualified borrowers on owner-occupied properties with loan amounts up to $1 million (not available with an interest-only payment option).

Together, we can help your clients find and buy the home that's right for them.

Bank of America Doctor Loan

Our Doctor Loan is specifically designed for licensed and practicing doctors and dentists, medical residents and fellows, and other eligible medical professionals.^{Footnote 8}

Here's how your clients may benefit from our Doctor Loan:

• Low down payments and financing on mortgages up to $1.5 million.^{Footnote 9}
• Employment start date up to 90 days after closing allowed^{Footnote 10}
• Student loan debt may be excluded from total debt calculation^{Footnote 11}
• Choose a fixed-rate or adjustable-rate loan