Bank of America · Bank
Bank of America
Review published mortgage options and requirements, then request a personalized quote from the lender.
Availability: Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.
At a glance
- Reserves
- PITIA (Principal, Interest, Taxes, Insurance, Assessments) reserves of 4 - 6 month are required, depending on loan amount. 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.
Still to confirm: Borrower type, Property use, Credit requirement.
Our take: Pros & Cons
What we like
- Fixed-rate, adjustable-rate, jumbo, FHA, VA and doctor loan options are published.
- Affordable Loan Solution offers a 3% down payment subject to income, loan limits and mortgage insurance.
- Eligible owner-occupants may qualify for America’s Home Grant or Down Payment Grant in select areas; program restrictions apply.
What to consider
- Mortgage-specific visa, ITIN, SSN, foreign-credit and foreign-income acceptance were not stated on the reviewed program pages; confirm with the lender.
- Advertised examples assume excellent credit including 740 or higher and a specific property and loan scenario; this is a pricing assumption, not a minimum eligibility requirement.
- ARM interest rates and payments may increase after the initial fixed period.
AI-generated lender-level assessment based on published information. Not a verified assessment of Doctor Loan; confirm program-specific conditions below.
Additional lender considerations
- The Digital Mortgage Experience provides an online mortgage application path.
- Assistance has income, geographic, occupancy and loan-product conditions. Affordable Loan Solution requires mortgage insurance.
- Doctor loans require eligible medical employment, a qualifying account relationship and reserves; research and professor employment are ineligible.
Newcomer requirements
Doctor Loan
Fit not assessed · Check fit
Verified published requirements for this program. Rate-example assumptions are separate and do not establish eligibility or approval.
- Minimum down payment
- 3% on mortgages up to $850,000, 5% on mortgages up to $1 million, 10% on mortgage up to $1.5 million and 15% on mortgages to $2 million
- Income documentation
- Additional documentation is required to evidence payments are deferred.
- Reserves
- Published conditions apply. Read the full lender requirements below before applying.
View full lender requirements
- Minimum down payment
- 3% on mortgages up to $850,000, 5% on mortgages up to $1 million, 10% on mortgage up to $1.5 million and 15% on mortgages to $2 million
- Income documentation
- Additional documentation is required to evidence payments are deferred.
- Reserves
- PITIA (Principal, Interest, Taxes, Insurance, Assessments) reserves of 4 - 6 month are required, depending on loan amount. 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.
- Other conditions
- 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, DVM), (2) medical fellows and residents who are currently employed, in residency/fellowship, or (3) for salaried employees only: medical students and medical doctors who are about to begin their new employment/ residency for fellowship within 90 days of closing. Those employed in research or as professor are not eligible. For qualified borrowers with excellent credit. PITIA (Principal, Interest, Taxes, Insurance, Assessments) reserves of 4 - 6 month are required, depending on loan amount. 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 is required to evidence payments are deferred.
Questions to confirm with the lender (13)
These requirements have not been verified for this program:
- SSN
- ITIN
- U.S. credit history
- Foreign credit history
- No credit history
- Residency / visa
- Minimum credit score
- Employment documentation
- Foreign income
- Foreign assets
- State restrictions
- Property restrictions
- Occupancy
Requirements last reviewed: Oct 25, 2026 · Official requirements source
Rates and costs
Doctor Loan
Rates are available on request
No reviewed advertised rate example is linked to this program.
How to apply
Doctor Loan
- Additional documentation is required to evidence payments are deferred.
- Reserve requirements: PITIA (Principal, Interest, Taxes, Insurance, Assessments) reserves of 4 - 6 month are required, depending on loan amount. 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.
- Confirm the program's identity, residency, credit and property requirements with the lender.
- Use the official application channel to request pricing for your actual scenario.
- Review the lender's written Loan Estimate, including costs and cash to close.
Published eligibility and availability do not guarantee approval. Confirm membership, relationship, property and occupancy conditions with the lender.
Sources and methodology
About this lender
Purchase and refinance mortgages with fixed and adjustable rates, jumbo, FHA, VA, Affordable Loan Solution and doctor loan options. Eligibility, assistance and pricing depend on the selected program and underwriting.
Legal lender: Bank of America, N.A.
Lending channel: Direct lending
Provider type: Bank
Lending channels: Direct lending. Origination status: Not stated.
NMLS identifier: 399802
More lender directory information
Direct application information ↗
Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.
Directory verified: 2026-10-25 UTC · Official directory source ↗
Official mortgage terms · Profile reviewed: Oct 25, 2026
- Official lender source · Last checked Oct 25, 2026
What do APR, points, LTV and reserves mean?
- APR
- An annualized borrowing-cost measure that includes interest and certain loan charges. Read it alongside the interest rate and fees.
- Discount points
- An upfront charge expressed as a percentage of the loan amount. Compare the quoted interest rate and the points together.
- LTV
- Loan-to-value: the loan amount relative to the property's value.
- Reserves
- Assets the lender may require you to retain after closing. Requirements differ by program.