For a long time the Bank of America Doctor Loan was the best and, in some cases, the only option available as financing for doctors and medical residents who wanted to buy a home. On April 1, 2009, Bank of America indefinitely suspended their Doctor Loan Program due to the economy and the impending restrictions on risky lending practices.
So, what is a doctor loan?
- Offer 100% financing that requires no down payment
- Do not require Private Mortgage Insurance (PMI)
- Offer flexible Debt-to-Income ratios that don’t count deferred student loan debt against the applicant
There are some large lenders out there that offer Physician Loan Programs or Doctor Mortgages. Start by searching online for a Physician Loan Program in your city.
Bank of America Doctor Loan is No Longer Available – Now What?
- Three times faster processing of mortgage lending and express credit
- Process improvements have enabled staffing savings of 10 percent
- Customer satisfaction increased greatly because of faster response time
Using tools from a Business Process Management Suite, AMT Bank automated its first business process in less than six months. The new Mortgage Lending process automatically verifies and exchanges information with the National Credit Bureau and other sources, so when clients request a mortgage loan, AMT Bank can make a lending decision three times faster than before.With the BPM solution, clients are more satisfied not only because they get a response faster, but also because the bank can monitor a request online and tell a customer where in the process his request lies.The second business process AMT Bank automated with the Suite was express credit for individuals.