![]() Bank of America paid around $300,000 total to people who were refused loans. The Department of Justice charged Bank of America for unfairly denying home loans to adults with disabilities, even though they qualified for loans.However, Bank of America does have some recent public scandals involving discrimination: A strong BBB grade indicates a company responds to customer complaints effectively and is transparent about business practices. The Better Business Bureau gives Bank of America an A+ in trustworthiness. To speak with customer support, call Monday through Friday from 8 a.m. You could receive thousands of dollars toward closing costs or a down payment if you qualify. If you're already a Bank of America Preferred Rewards client, you could receive a $200 to $600 discount on your loan origination fee.īank of America also has homebuyer assistance programs that vary by state. You must already be a Bank of America customer to refinance your FHA or VA loan.īank of America doesn't have USDA loans, reverse mortgages, construction loans, or home equity loans. If you refinance, you can choose between a rate-and-term refinance or cash-out refinance. To qualify, borrowers will need to show proof of timely rent, utility, phone, or auto insurance payments. This mortgage requires no mortgage insurance and has no minimum credit score requirement. These markets include some historically Black and Hispanic neighborhoods in Charlotte, Dallas, Detroit, Los Angeles, and Miami. You can get the following types of home loans through Bank of America:īank of America recently announced its new Community Affordable Loan Solution, which is a zero-down, zero-closing-cost mortgage aimed at first-time homebuyers in designated markets. ![]() It also has branches in 36 states and DC. How Bank of America mortgages workīank of America services loans in all 50 US states and Washington, DC. Rocket Mortgage doesn't offer any types of homebuyer grants.īut Rocket Mortgage is a good choice if you want a specialized mortgage term, as it offers terms as short as eight years. You may prefer Bank of America if you qualify for down payment assistance. *Borrowers can use alternative credit data to qualify for Bank of America's Community Affordable Loan Solution Overall, Bank of America mortgage and refinance rates are competitive with what other lenders offer. All rates in the chart assume a 740 credit score or higher. But take the personalized rate with a grain of salt, because the site won't let you enter your credit score. ![]() You can enter your purchase price, down payment amount, and zip code to see a more customized rate. Can't refinance into an FHA or VA mortgage if you aren't a Bank of America customerīank of America shows mortgage rates for 30-year mortgage, 15-year mortgage, and 5-year/6-month adjustable mortgages on its website. ![]() Need to have a fair credit score for most of its loans.Doesn't have a USDA or reverse mortgage, home equity loan, or construction loan.Offers down payment assistance and Community Affordable Loan Solution for first-time borrowers that accepts non-traditional credit If you're a Bank of America Preferred Rewards customer, you can get discounts Offers conventional and government-backed mortgages, as well as a HELOC option
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