MoneyGeek’s Take

Bank of America Mortgage Review

Founded in 1904, Bank of America is the second-largest bank in the United States, with over $2.3 trillion in domestic assets. Its mortgage offerings include fixed- and adjustable-rate mortgages, jumbo loans, FHA and VA loans, home equity loans, refinancing loans, loans with 3% down payment for qualified borrowers and mortgage loans for doctors.

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Last Updated: 11/17/2022
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Bank of America generally requires a minimum credit score of 620 to qualify for a conventional mortgage. This lender offers a mortgage option with a low down payment of 3%, but down payment amounts will vary depending on the loan type.

At a Glance: Bank of America Mortgages


  • Bank of America

    • Conventional: 3% minimum VA: None FHA:0-10% depending on credit score Jumbo: 20% Doctors: as low as 5% Minimum Down Payment
    • Conventional, FHA, VA, USDA Guaranteed, Jumbo, Doctor LoansLoan Products Offered
    • Operates in all 50 StatesStates of Operation
    • Yes Online Application

    on Bank of America Website

Bank of America Mortgage Loan Types, Details and Requirements

MoneyGeek’s Bank of America mortgage loan review highlights available loan products, requirements and fees borrowers may encounter.

Mortgage Types Offered

Bank of America offers the following mortgage loans:

  • Conventional Loans
  • VA Loans
  • FHA Loans
  • Jumbo Loans
  • Doctor Loans

Bank of America also offers refinancing options that allow borrowers to lower mortgage payments, speed up their payoff, or get cash out of their home equity.

Mortgage Rates

Bank of America offers fixed mortgage rates for 30-, 20-, and 15-year mortgages and variable rates for mortgages ranging from five to 10 years. The bank’s website provides the most up-to-date rate information.

Additional Fees

While Bank of America does not mention fees on its official website, borrowers can ask for an estimate based on their mortgage needs. The bank offers origination fee discounts from $200–$600 to Prefered Rewards customers, based on their eligible tier at the time of mortgage application.

Minimum Borrowing Requirements

Conventional Loan

Borrowers must have a credit score of 620, a 3% minimum down payment and a maximum debt-to-income ratio of 43% for conventional mortgage loans.

VA Loan

The borrower must have a 660 credit score with no down payment required.

FHA Loan

The borrower must have a 600 credit score and a zero to 10% minimum down payment, depending on the credit score.

Jumbo Loan

The borrower must have a credit score of 720 with 20% minimum down payment required.

Doctor Loan

Customers must call 800-497-6076 and speak with a practice specialist to get this information.

Bank of America Mortgage Application Requirements

For borrowers and co-borrowers, the following six things are required to apply for a Bank of America mortgage loan:

1

W-2s for the last two years

2

Pay stubs for the past 30 days

3

Complete bank statements for all financial accounts and investments for the past two months

4

Signed personal and business tax returns (all pages and relevant schedules)

5

If self-employed, a copy of the most recent quarterly or year-to-date profit/loss statement

6

Copy of the signed Purchase and Sales Agreement

Is Bank of America Right for You?

Mortgage lenders offer different options for home buyers at different stages. This MoneyGeek mortgage loan review can help you determine whether Bank of America is the right mortgage lender for your needs.

Who Bank of America Is Perfect For

Bank of America offers homebuyers information needed to make informed decisions, making it a good choice for first-time homebuyers. It offers an education series on its website and useful tools, such as tips and calculators. Bank of America also has geographically-targeted competitive loan offers to assist aspiring homeowners in lower-income brackets.

Bank of America offers an award-winning online platform that guides borrowers through the mortgage process and customizes terms according to their needs. This platform also enables users to apply for a new mortgage and refinance their existing home. It also has features such as rate lock to help users avoid rate increases during the application process.

The bank, however, does not include detailed information on its website, so interested customers will need to speak with a lending specialist to get the finer details about available loans.

Who Should Not Choose Bank of America

Bank of America mortgage loans are ideal for first-time homebuyers. However, some may still fare better looking for mortgage lenders without down payment minimums or credit score requirements. Even though this lender offers assistance, it may not be enough for more modest homebuyers. Other banks offer more approachable mortgage loans at lower rates.

How to Apply for a Bank of America Mortgage Loan

Applying for a Bank of America mortgage loan is a multi-step process that includes the following:

1

Prequalify

Go to the Bank of America Digital Mortgage Experience® and fill out the form.

2

Fill Out Application Form

Create your profile by sharing basic information, including your name, citizenship and social security number.

3

Wait for Approval

You’ll receive a prequalification letter and can check your application status on the website.

4

Review Loan Agreement

Read the agreement and contact a lending specialist online or face-to-face, if needed.

5

Sign Loan Agreement

You can sign documents electronically or face-to-face.

6

Make Payments

Schedule an appointment or pay online using PayPlan, a savings account of your choice or an eligible Bank of America account.

What to Do if You Are Rejected by Bank of America

The first step to coping with a mortgage loan rejection is to ask your lending specialist why you were denied. Remember that you have a right to ask for a specific answer within 60 days. Knowing why you were rejected will help you determine which measures you can take to increase your chances of approval in the future.

Frequently Asked Questions About Mortgages From Bank of America

MoneyGeek has answers to the most commonly asked questions about Bank of America mortgages.

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