Michael Cacho

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Hi, I’m Michael. If you're working with homebuyers this winter, I'm here to help. Whether they're thinking about buying their first home, moving up or downsizing, they can count on my personal guidance and a wide range of home loan options. Our powerful digital tools will help them understand their home loan and stay on track with their application. Let's talk about how we can work together.

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Areas of expertise

First Time Homebuyers
Fixed And Adjustable-Rate Loans
Government Loans
High-Net-Worth Borrowers
Home Equity Lines Of Credit
Jumbo Loans
Lower-To-Moderate-Income Borrowers
Self-Employed Borrowers
Third Party Affordable Housing Assistance Programs

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Homebuyer Assistance Classes

Home loans and programs

Every borrower has different needs based on their specific situation. When we work together, I'll put Bank of America's best products and services to work to help your clients find the home loan that's right for them.

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

Conforming loans Explore available fixed- and adjustable-rate mortgage options.

Each loan has pros and cons based on your client's needs. Feel free to reach out to me at any time if you need more information about a specific loan and how it could help your client achieve homeownership.

Call me at 716-317-4432

Stay connected

As a Bank of America Lending Specialist, I want to make sure that we find the right home loan for your clients. These resources can help them learn about the home loan process. If you have any questions, feel free to reach out to me at any time.

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For Adjustable Rate Mortgage loans, after the initial fixed period, rate and payment adjust annually.
Maximum income and loan amount limits may apply. Fixed-rate mortgages (no cash out refinances), primary residences only. Certain property types are ineligible. Maximum loan-to-value ("LTV") is 97%, and maximum combined LTV is 105%. For LTV >95%, any secondary financing must be from an approved Community Second Program. Homebuyer education may be required. Other restrictions apply.
Minimum credit scores will apply. Not all applicants will qualify. Monthly Mortgage Insurance Premiums (MIP) and Upfront Mortgage Insurance Premiums (UFMIP) apply. Maximum loan amounts vary by county.
VA loans require a VA funding fee at closing. The fee is higher with a zero down payment, and maximum loan limits vary by county. If a down payment of 5% or more is made, the fee is reduced. The VA funding fee is non-refundable. Ask for details about eligibility, documentation and other requirements.
Minimum down payment requirements vary by property type and location. Loan amount, interest-only payment option, loan-to-value percentage, property and/or occupancy type may require a higher level of reserves and/or post-closing liquidity. Two separate full appraisals may be required. Excellent credit required, including proof of recent consistent housing payment history. Not available on all loan programs. Other restrictions apply, ask for details.
When deciding whether an adjustable-rate mortgage is right for your situation, you should consider the potential risk of rising rates and payments and such factors as how long you plan to own your home.
Some loans offered by Bank of America have a payment option that allows you to pay only the interest on the money you borrow for the first 10 years of the loan. If you pay only interest, you will still owe the original amount borrowed at the end of the 10-year period, and your monthly payment will significantly increase — even if the interest rates stay the same — because you must pay back the principal as well as interest. Ask about your payments after the end of the interest-only period and carefully consider the possibility of "payment shock."" If you are considering an adjustable-rate mortgage, ask about your payments if interest rates increase. Loans with an interest-only payment option may require a lower loan-to-value ratio, other restrictions apply, ask for details.
An applicant must have, or open prior to closing, a checking or savings account with Bank of America. Applicants with an existing account with Merrill or Bank of America Private Bank prior to application also satisfy this requirement. Eligible medical professionals include: (1) medical doctors who are actively practicing, (MD, DDS, DMD, OD, DPM, DO), (2) medical fellows and residents who are currently employed, in residency/fellowship, or (3) applicants who are medical students or doctors and are about to begin their new employment/residency or fellowship within 90 days of closing. Those employed in research or as professors are not eligible. For qualified borrowers with excellent credit. PITIA (Principal, Interest, Taxes, Insurance, Assessments) reserves of 4-6 months are required, depending on loan amount.
Minimum down payment requirements vary by property type and location; ask for details.
If applicant's employment does not commence until after closing, in addition to the minimum cash reserves required, sufficient reserves to handle all debt obligations between closing and employment start date up to an additional 90 days must be verified.
Additional documentation required.

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Michael Cacho

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