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| Specialized Mortgages |
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Bank of America offers a number of specialized mortgage options that help make home ownership possible for eligible borrowers.
Talk to a Mortgage Loan Officer to learn more about the following programs.
- Federal Housing Administration (FHA) loans offer minimum down payment options to qualified borrowers
- Veterans Administration (VA) loans offer fixed-rate mortgages with low or no down payment options to individuals who served in the military or are eligible through other entitlements
- Community Lending programs may offer lower interest rates or special qualifying guidelines to low-and moderate-income buyers, as well as first-time homeowners
- Interest-only loans offer lower initial payments which could help you qualify for a larger home
- Construction loans offer many convenient options to finance the building or renovation of your home
Interest-only Mortgages allow you to pay only the interest on the money you borrow for the first few years of the mortgage (the interest only period).
During this period, you can make principal payments at any time. At the end of the interest-only period, full principal and interest payments will begin.
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Ideal if you... |
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- Are reasonably certain that your income will increase in the future
- Plan on moving or refinancing your home in the next few years
- You have irregular income (such as commissions or seasonal earnings) and want the flexibility of making interest only payment
during low-income periods and larger payments during higher-income periods.
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Keep in mind, at the end of the interest-only period: |
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- You will still owe the original amount you borrowed
- Your monthly payments will increase once the principal and interest payments begin.
- Your payment could increase further if you choose an Interest Only Adjustable Rate Mortgage (ARM) program and interest rates increase
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Why choose Bank of America?
- We offer a wide variety of flexible mortgage options to fit your needs
- Our competitive rates and quick approvals make it easy to finance your home
- Our Mortgage Loan Officers are highly experienced and will help you every step of the way
For more information or to get pre-approved, talk to a Mortgage Loan Officer today:
Lender is Bank of America,N.A.
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