Bank of america mortgage requirements
- March 26, 2022
Bank of America’s lending standards are pretty typical for a large bank. Borrowers will generally need a credit score of at least 620 to qualify for a conventional loan, though the threshold can be lower for government-backed loans like FHA and VA mortgages.
Bank of America doesn’t disclose a minimum required credit score to qualify for a mortgage. We’ve found that most lenders require a credit score of 620 or higher for conventional loans and FHA loans, meanwhile VA and USDA loans will often accept scores as low as 580.
The lender offers an education center with helpful articles on buying a home and other topics, plus calculators to help you estimate the cost of your mortgage.
Bank of America is one of the “Big Four” banks of the United States. Headquartered in Charlotte, North Carolina, it traces its origins back to 1904 and today has assets of over $2 trillion and a presence in all 50 states.
Bank of America is also one of the leading mortgage lenders. The lender offers a wide range of mortgage products, including fixed-rate loans, adjustable-rate mortgages (ARMs), jumbo loans, super conforming loans and interest-only loans.
If you’re interested in getting a Bank of America mortgage, you’re going to have to meet certain requirements. Here’s what you should know if you want to get a mortgage from Bank of America or another lender.
Most people take a mortgage for the purchase of their home. In fact, about 80% of all home buyers will use a mortgage to finance their new purchase. And because it is so common for consumers to use a mortgage to buy a home, many new borrowers may think that it is an easy process.
There are many things that make the mortgage process complicated and most lenders require you to meet strict requirements in order to qualify for a mortgage.
One of the biggest lenders in the country is Bank of America (BofA). This bank offers mortgages in every state and they have a long history of providing quality service and competitive rates. Here’s what you need to know about getting a Bank of America mortgage:
Bank of America Home Mortgage offers a number of benefits to mortgage customers, including multiple loan programs and low down payment options. The bank was also an early adopter of the digital mortgage process.
Bank of America’s mortgages are available for primary residences, investment properties and second homes. They offer loans for new home purchases, as well as refinancing options for current homeowners.
The bank offers fixed-rate mortgages for 10-, 15-, 20- or 30-year terms, with initial interest rates as low as 3.5%. It also offers adjustable-rate mortgages with 5/1 and 7/1 terms, meaning the rate remains fixed for five or seven years, then changes annually. Bank of America offers a variety of down payment options, including conventional loans that require 5% down or less and loans specifically designed to help first-time homebuyers purchase a home with a lower down payment.
Bank of America also has several programs that can help make mortgage payments more affordable by offering assistance with closing costs and providing access to low down payment options. These programs are available to borrowers who meet certain income limits based on where they live. For example, in Los Angeles County, you must have an income at or below $117,400 to qualify for assistance from
Our full suite of home loan options includes fixed-rate and adjustable-rate mortgages, jumbo loans, FHA loans, VA loans, HARP loans and more.
At Bank of America, you can choose from several mortgage options to help you purchase the home you want. We offer the standard 30-year fixed-rate mortgages as well as some other loan programs to meet your needs.
Find the mortgage option that’s right for you.