46 THE QUEENS COURIER • QUEENS BUSINESS • APRIL 11, 2019 FOR BREAKING NEWS VISIT WWW.QNS.COM
At Bank of America, we offer jumbo loans that can meet a variety of needs.
The benefits of a jumbo loan include:
Loan amounts up to $5 million on owner-occupied
properties, up to $3 million on second homes and up
to $1 million on investment homes 1
Competitive fixed-rate and adjustable-rate
mortgages (ARMs),2 10-year interest-only payment
option on ARMs up to $5 million and on fixed-rate
mortgages up to $2 million 3
Down payments as low as 10.01% with no mortgage
insurance for qualified borrowers on owner-occupied
properties with loan amounts up to $1 million (not available
with an interest-only payment option)
Apply through my website: You’ll save time and
have more control over your mortgage process.
You can choose loan options, lock your rate, upload
documents and more.
1 Minimum down payment requirements vary by property type and location. Loan amount, interest-only payment option, loan-to-value percentage, property and/or occupancy type may
require a higher level of reserves and/or post-closing liquidity. Two separate full appraisals may be required. Excellent credit required, including proof of recent consistent housing payment
history. Not available on all loan programs. Other restrictions apply, ask for details.
2 When deciding whether an adjustable-rate mortgage is right for your situation, you should consider the potential risk of rising rates and payments and such factors as how long
you plan to own your home.
3 Many of our loans have a 10-year interest-only payment option that allows you to pay only the interest on the money you borrow. If you pay only the amount of interest that’s due, once
the 10-year interest-only period ends, you still will owe the original amount you borrowed, and your monthly payment will significantly increase — even if interest rates stay the same
— because you must pay back the principal as well as interest. You should ask what the payments on your loan will be after the end of the interest-only period and carefully consider the
possibility of “payment shock.” If you are considering an adjustable-rate mortgage, ask what your payments can be if interest rates increase. Loans with an interest-only payment option
may require a lower loan-to-value ratio, other restrictions apply, ask for details.
Credit and collateral are subject to approval. Terms and conditions apply. This is not a commitment to lend. Programs, rates, terms and conditions are subject to change without notice.
Bank of!America, N.A., Member FDIC. Equal Housing Lender. ©2018 Bank!of!America Corporation. ARDGJDTH | FL-07-18-0280.A | 00-62-3221D | 08-2018