T
trg2002
I just bought a home using the Bank of America Doctor's Loan. It is as advertised: 0 down, 0 points and NO PMI. The only requirement is that you have very good credit (a credit rating over 720) and you must open a Bank of America account.
I put down 15% on my loan, but no money down is required. I was able to lock in at 6% for a 5-1 ARM. My closing costs will be about $3600 total. I think in order to get the no PMI, you have to buy a 1/4 point, but there are other discounts applied and it came out to 0.11% of a point for me to lock in the rate and to use this loan.
If Bank of America is in your state, definitely look into this loan.
-TRG
I put down 15% on my loan, but no money down is required. I was able to lock in at 6% for a 5-1 ARM. My closing costs will be about $3600 total. I think in order to get the no PMI, you have to buy a 1/4 point, but there are other discounts applied and it came out to 0.11% of a point for me to lock in the rate and to use this loan.
If Bank of America is in your state, definitely look into this loan.
-TRG
