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BOA TEACHER ZERO DOWN™ PROGRAM – BANK OF AMERICA (KS & MO)
HIGHLIGHTS: Teacher Zero DownTM is a unique program designed to help teachers and school administrators with an excellent credit history overcome the high cost of homeownership by reducing the cash needed to purchase a home. The program is only available on purchase transactions and offers 100% financing. One of the borrowers must be a full- or part-time teacher or school administrator in a public or private primary or secondary school (K thru 12). A school administrator is defined as a principal, vice principal, librarian, health care professional such as a nurse, counselor or speech therapist. Substitute teachers, teacher aides, cafeteria workers, and custodians are not eligible. The program is subject to the availability of the program offered by Bank of America. Borrower may own other property under certain circumstances. Borrower must be a U.S. citizen or permanent resident alien. PRODUCT TYPE: Both 30-year fixed rate and 5/1 ARM (adjustable rate mortgages) are available. ELIGIBLE PROPERTY: Single family homes, condo, PUD town home (no co-ops, manufactured housing or mobile homes). Home must be the buyer’s primary residence, owner-occupied. PREVIOUS OWNERSHIP REQUIREMENTS: None. MAXIMUM LOAN AMOUNT: Conforming loan amounts (currently $322,700). MAXIMUM INCOME LIMITS: No income limits. MINIMUM BORROWER CONTRIBUTION: None. Closing costs, including prepaid items, may come from a gift from an immediate family member, grant from a non-profit or local government agency, or unsecured installment loan. CREDIT HISTORY GUIDELINES: Excellent credit required; 660 minimum credit score required for the primary borrower. If the primary borrower does not have a score, alternative credit histories are allowed with a minimum of three accounts – each with a minimum 12-month payment history with no payments 30 days or more past due. One account must be housing related (i.e. mortgage or rent). Credit verifications from relatives are not accepatable. No bankruptcies, foreclosures or any other major derogatory item allowed. QUALIFYING RATIOS (Housing Expense / Total Debt Obligations): 33 / 41%. CASH RESERVE REQUIREMENTS: Two months housing payments from the borrower’s own funds. MORTGAGE INSURANCE: 33% Coverage (.780 Monthly Premium). EDUCATION / COUNSELING: None. PARTICIPATING LENDERS: Bank of America (Sondra Eckert) WEB LINK: www.bankofamerica.com QUESTIONS: richard.a.paul@bankamerica.com, 816.979.8728. CONNIE’S COMMENTS: This is an attractive program for qualified educators with excellent credit and limited funds. Brand new teachers only need to provide a copy of their teaching contract from
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