Any lender or mortgage broker can provide a "No Fee" mortgage. The way BoA and others do it is by selling you a rate of interest that is higher than the base rate offered by the lender. The overage is used to cover lender, appraisal, and title fees. Mortgage brokers must disclose the amount of the overage in writing; banks and direct lenders are exempt.
You will still be required by BoA or any similar lender's program to pay for your escrow impounds, state and local transfer taxes, and interim interest. In many cases, these fees will be higher than the lender, appraisal, and title fees that BoA "doesn't charge".
If you want a lower down payment, then FHA may be the best way to go, unless you can find a bank willing to lend a combination of a 1st mortgage and 2nd mortgage. The problem is with PMI (which is required by Fannie Mae & Freddie Mac on any single loan amount over 80% of purchase price) - the PMI companies have suffered massive losses due to foreclosures and have dramatically tightened their guidelines on loans they will insure.
BoA could go to 10% down, but PMI might not be available at any price with so little down, or BoA may be unable to absorb the cost of lender-paid PMI in the "No Fee" mortgage offer.
By the way, if you look at BoA's "No Fee" mortgage comparison to a "traditional" mortgage on BoA's web site, many of the charges BoA claims other lenders charge rarely appear - and some CAN'T be combined.
Don't be lured in by ANY lender's marketing gimmick. Shop at least three lenders. Ask your Realtor for a suggestion.