UDPATE TO ORIGINAL POST:**After yesterday's initial post, we were told that we were mis-informed about the availability of the new higher conforming limits for the doctor loan being released on Monday, April 14th. Instead, the new conforming loan limits will be available only on our the traditional 30r fixed and 5/1 Interest Only ARM products...for now. You can take advantage of the new loan limits with as little as 10% down, so this is still an incredible opportunity. The No Money Down Doctor Loan Program still offers 100% financing* with no Private Mortgage Insurance and exceptional rates using the existing conforming/non-conforming loan limits. Also, I will still be taking calls on Monday between 12pm EST and 3pm EST to answer questions about the new limits and/or the doctor loan**This may be your chance to buy that expensive dream home and avoid the Jumbo interest rates!
In support of the Economic Stimulus Act of 2008, Bank of America will be implementing the new "Super" Conforming Loan Limits beginning Monday, April 14th 2008 for the 30yr fixed and 5/1 ARM Interest-Only Payment loans.
These loans will be available for properties located in Metropolitan Statistical Areas where the HUD has raised conforming loan limits. If you are looking to purchase a home and need a loan greater than $417,000, then you will definitely want to find out if your area qualifies for an increased loan limit.
One Day Only Event - On Monday, April 14th from 12:00pm EST (9am Pacific) until 3:00pm EST (12pm PST) I will be taking telephone calls to answer questions about the new loan limits and the doctor loan, assist with determining if your area qualifies for the higher limits, and to set appointments for anyone who wants to become pre-qualified or pre-approved.
The call in number is 1-866-663-5461. I will do my best to answer all phone calls. However, I do anticipate a heavy call volume, so if I am unable to answer your call please leave a voicemail with the following information:
1. Name
2. Phone Number
3. A brief summary of your question or the nature of your call
4. Zip Code of the area your looking to purchase in
You can also email me at jeffrey.r.irving@bankofamerica.com
I will return all voicemails and emails by the end of the day...even if I have to stay up until midnight to do it.
Have a great day!
Jeff
*Homes that are located in limited “MSA declining markets” are currently restricted to a maximum loan amount of 95% of the sales price using the doctor loan program.